RNS Number:8595V
World Life Sciences PLC
15 December 2000
World Life Sciences plc World Life Sciences today announced its first investment IR#1.295 million in
Cork based EiRx Therapeutics Limited.
EiRx Therapeutics, the leading Irish biotechnology company, has announced a
new investment of IR#3M in the company. The investors are 3i plc (38.57%),
Europe's leading venture capital company, World Life Sciences plc (22.62%), an
AIM listed company and Enterprise Ireland (5.28%), which is investing in the
company for the second time.
The investment is planned to provide EiRx Therapeutics with funding for the
next 18 months and will see a doubling of its staff numbers to approximately
20.
Established in 1999, EiRx Therapeutics is carrying out R&D in the promising
area of genomics as applied to a key biological process known as apoptosis. Apoptosis, also called "programmed cell death", is a natural process of cell
death in the body which operates continuously. For instance, an adult human
loses approximately their own body weight of cells each year through this
process. However this genetic programme can go awry in a number of diseases.
In cancer, apoptosis is blocked and the objective of research here is to find
new drugs which will restore this cell death process. In other diseases such
as Alzheimer's there is too much cell death and the research objective is to
inhibit this. The control of this natural process through new drugs holds
great therapeutic potential in diseases such as cancer, inflammatory diseases,
neurodegenerative diseases, cardiac diseases and others.
The essential mechanisms that control processes such as apoptosis are locked
up within the cell's genome. The last few years have seen tremendous
discoveries both in sequencing the human genome and also in the development of
tools to study and unlock these mechanisms. EiRx Therapeutics is the first
company to exclusively combine world-class apoptosis biological expertise and
functional genomics tools to unravel the mechanisms of apoptosis. It is also
the first European entrant in this emerging field and is pioneering new
approaches to controlling cell death that go beyond the limitations of current
technology.
The company has established a technology platform in "apoptosis genomics"
which includes cell biology, functional genomics and bioinformatics and is
working on the identification of new gene targets for new apoptosis modulating
drugs. EiRx Therapeutics is working initially on the application of its
platform to the areas of inflammatory diseases and cancer. The company is
actively seeking research partnerships with pharmaceutical companies. Further
details of the company's activities can be found on the Company's website at
www.eirxtherapeutics.com.
The Company was co-founded by Dr. Peter Daly (CEO) who has a background in
pharmaceuticals and business development and Prof. Tom Cotter (Chief
Scientific Officer), a leading international apoptosis expert. It has
assembled a strong R&D team headed by Dr. Ian Hayes, formerly with Rhone
Poulenc Rorer and a prestigious Scientific Advisory Board comprising leading
European experts in this field from Italy, Sweden, the U.K and Ireland.
Commenting on the investment, Mr. Neil Graham of 3i plc said " We are very
encouraged by the progress made by EiRx Therapeutics to date and by its future
potential and we are also happy to welcome World Life Sciences plc as
co-investors in the company ". Mr. Peter Hoskins of World Life Sciences plc
stated; " We are pleased to have found such an exciting investment
opportunity, we look forward to rapid growth and to be being associated with
the success story which is EiRx Therapeutics".
The CEO and co-founder of EiRx Therapeutics, Dr. Peter Daly commented; " We
are pleased with the support of our investors and we now plan to rapidly ramp
up our activities and consolidate our position as Europe's premier company in
the apoptosis field"
For further information: Peter Hoskins, World Life Sciences plc Tel. 020 7702 5545 Dr. Peter Daly, EiRx Therapeutics Limited Tel. 00 353 1289 8861 |