News and Press
Syntaxin Launched in Spin Out of Medicines Programme from UK Health Protection Agency
News
NOV
2005
Syntaxin have been launched for the discovery and development of new treatments for neurological, respiratory and metabolic diseases.
Syntaxin Ltd (Syntaxin), a newly formed biopharmaceutical company focusing on the discovery and development of new medicines for the treatment of neurological, respiratory and metabolic diseases, was today launched as the first spin-out from the UK Health Protection Agency (HPA).
Syntaxin has obtained its first round funding of $6 million from Abingworth Management Ltd, with a further $6 million to be invested on achievement of specific milestones. Abingworth and the HPA will be the two largest shareholders. As part of the spin out Syntaxin has acquired rights to an extensive patent portfolio from the HPA that covers the medical application of modified bacterial proteins, including botulinum toxins. In addition, the HPA is transferring to Syntaxin a partnership with Allergan Inc., whereby the technology is licenced to Allergan to develop treatments for pain in return for milestone payments and royalties.
Syntaxin will initially focus on the discovery and development of products for the treatment of pain where, in partnership with Allergan, considerable progress has been achieved. Additional programmes will explore applications of the technology in the treatment of respiratory and metabolic diseases such as chronic obstructive pulmonary disease (COPD), obesity and diabetes.
The Company will initially occupy premises at the Health Protection Agency’s Centre for Emergency Preparedness and Response, at Porton Down, UK. A number of the Agency’s staff have been seconded to Syntaxin to ensure continuity of the existing R&D.
The spin out has been led by Dr Charles Penn, COO of Syntaxin and former head of R&D at HPA Porton Down. Dr Keith Foster, formerly head of the medicines discovery programme at HPA Porton Down, joins Syntaxin as co-founder and Chief Scientific Officer. Dr Raj Parekh, a founder and formerly Chief Scientific Officer of Oxford Glycosciences and currently Chairman of Galapagos Genomics has been appointed Chairman of the company.
Commenting on the move Dr Charles Penn said "This deal provides us with a fantastic opportunity to develop new medicines to treat a range of chronic diseases and return value to both the Agency and our investors. We have a product development platform with tremendous potential, and are now ideally placed to realise its full value by creating a portfolio of new therapeutics."
Dr Stephen Bunting, Managing Director of Abingworth Management said "We are delighted to have been given the opportunity to work with Syntaxin's founders and the HPA and believe that the spin out of this technology has created a company with great potential".