Cancer :: $50 million for Auckland cancer research company

Proacta Therapeutics, a spin-out company of The University of Auckland, has raised US$35 million (NZ$51 million) in venture capital to continue its research into potential treatments for cancer.

Proacta?s science is based on the research of Professors Bill Denny and Bill Wilson and colleagues at the University?s Auckland Cancer Society Research Centre, together with colleagues at Stanford University, USA. The research looks at targeting cells in malignant solid tumours that are starved of oxygen (hypoxic) and how this characteristic can be exploited to treat the tumour without harming neighbouring healthy cells.

In early 2006, Proacta?s first therapeutic, PR-104, entered Phase I clinical trials in New Zealand, Australia and the USA, to evaluate the safety of the drug in treating solid tumours The new investment of US$35 million will be used for additional clinical trials of PR-104 and research into other potential hypoxia-targeted cancer drugs.

“Most solid tumours have areas that are oxygen deficient, or hypoxic, due to a poorly-developed tumour blood supply,” says Professor Bill Denny of the University?s Faculty of Medical and Health Sciences. “Most cancer relapses are probably caused by the ability of these cells to withstand the effects of current cancer treatments. PR-104 is a unique drug in that it is designed to target this area specifically by being activated only in tissues with very low oxygen levels. This limits its toxic effects on normal cells in the body which can sometimes be damaged as a consequence of cancer treatments.”

Dr Peter Lee, CEO of Auckland UniServices Limited, the commercialisation company of the University which supported Proacta?s early development, says, “This investment confirms the strength of University of Auckland research and shows the commercial potential of companies that are spun out from it.”

“As one of the early investors in Proacta, we are delighted at this success in continuing to target cancer and in raising significant new capital.”

Clarus Ventures led the Series B venture capital funding round which included Delphi Ventures and existing investors Alta Partners (US), GBS Venture Partners (Australia), No 8 Ventures (NZ) and Endeavour iCap (NZ), and international pharmaceutical companies Genentech and Roche.


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