Velocity Pharmaceutical Development Announces Clinical Development Agreement
SOUTH SAN FRANCISCO, Jan. 15, 2013
SOUTH SAN FRANCISCO, Jan. 15, 2013 /PRNewswire/ --Velocity Pharmaceutical
Development LLC (VPD) today announced the signing of a Licensing Agreement to
pursue a drug development program utilizing EuMederis Pharmaceuticals'
EuPort^™ technology for optimizing the pharmaceutical properties of peptide
drugs. Research and further development is being funded and carried out
through a special purpose development company, Spitfire Pharma, Inc.,
operating largely in virtual mode. The program will be managed by members of
the Velocity Pharmaceutical Development team and by John Nestor, Ph.D., CEO of
Peptide hormones control a host of critical functions throughout the body.
Peptide drugs, however, typically have a short duration of action and require
self-injection thus limiting their utility. Recent advances in the design,
synthesis and delivery of peptides, such as the EuPort^™ technology, have
increased interest in this attractive pharmaceutical class.
"The EuMederis model of rapid peptide optimization has quickly provided us
with an attractive peptide development candidate and its low-infrastructure
organization is consistent with our plan for Velocity Pharmaceutical
Development," explained David J. Collier, M.D., CEO of Velocity Pharmaceutical
"We expect that the Velocity model for rapid and focused clinical development
programs in relatively flat organizations will find many adherents in the
future of biopharmaceutical development," said John Nestor, Ph.D., founding
CEO, EuMederis Pharmaceuticals, Inc. "It is a pleasure to be working with such
a highly experienced team of drug development experts."
The deal terms and therapeutic target are unannounced at this time.
About Velocity Pharmaceutical Development, LLC
Velocity Pharmaceutical Development (VPD) is a pharmaceutical development
organization dedicated to rapidly advancing promising drug candidates to
clinical proof of concept using a highly virtual management model. VPD seeks
to acquire promising drug candidates, generally within a year of their
entering human clinical trials or after initial human clinical data have been
generated. VPD then manages a highly virtual development program for each
drug candidate intended to generate convincing human proof of concept data.
Following successful human proof of concept, VPD then seeks a large
pharmaceutical company acquirer for each program. VPD is staffed by a
seasoned team of clinical drug developers with expertise inidentifying
attractive drug candidates, target markets, and designing and managing
outsourced clinical trials. This expert team manages multiple single asset
companies to remove the costly overhead and misaligned incentives present in
traditional biotechnology company structures. VPD operates on a rapid decision
principle, which identifies drug candidates with the greatest promise and
repurposes capital from those that don't work out early in the process. VPD
believes this new capital-efficient model will yield attractive new drugs to
treat patients with significant unmet clinical needs. The company is located
in South San Francisco, California. More information is available at
About EuMederis Pharmaceuticals, Inc.
EuMederis Pharmaceuticals, Inc. (www.eumederis.com) is a seed-stage
biotechnology company focused on the design and development of Best-in-Class
peptide therapeutics with optimized pharmaceutical properties. EuMederis'
EuPort^™ technology utilizes a proprietary chemical modification to increase
the duration of action and bioavailability of peptides, generating optimized
new chemical entities. EuMederis is led by John J. Nestor, Jr., Ph.D., who has
more than 35 years of experience in peptide hormone design and development,
both in major pharmaceutical companies (Syntex, Roche Bioscience) and in San
Diego biotech companies (Sequenom, Inc.; TheraPei Pharmaceuticals, Inc.). He
is lead inventor of pharmaceuticals marketed by Roche (Valcyte^®),
Merck/Organon (Orgalutran^®) and Pfizer/Searle (Synarel^®). The company is
located in San Diego, California.
SOURCE Velocity Pharmaceutical Development, LLC
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