Press release – September 2013
Canbex Therapeutics Secures TSB Biocatalyst Grant
London, September 2013 – Canbex Therapeutics Ltd announced that it has secured a grant of £1.25M to further support the development of VSN16R. Alongside our recent financing round the grant secures the early development of this novel treatment for spasticity in multiple sclerosis.
"The goal of the Canbex programme is to set a new standard in the treatment of spasticity through improved tolerability," said Jesse Schulman, CEO of Canbex. "Spasticity is among the most serious and debilitating symptoms of MS. VSN16R, our lead investigational candidate, has the potential to make a difference to people with MS."
Keith Powell , chairman of Canbex said " We are very grateful for the support of the Biocatalyst fund from the TSB. The grant enables us to deliver a very high quality of program in the first human trials, starting next month, and we anticipate will deliver a phase 2 ready project within a year. The grant will also enable supporting studies in the laboratories of Prof David Baker at Queen Mary, University of London and Prof David Selwood, the inventor of VSN16R at UCL".
Canbex is a spin-out of University College London (UCL) and was founded by a leading scientific and clinical team including Professor David Baker and Professor David Selwood, who were later joined by Professor Gavin Giovannoni, a practicing MS clinician who is a global leader in MS drug development and clinical research. The company received a Translation Award from the Wellcome Trust in 2011 to support preclinical development of VSN16R.
Canbex is a single-asset company that was established for the purpose of developing the VSN compound series. In addition to its pioneering scientific founders, Canbex has assembled a skilled and focused management team. Development activities are carried out through outsourcing to well established CROs and CMOs. The company’s capital efficiency and lean management strategy ensure that funds are deployed overwhelmingly to compound development and that the company is well structured for exit.
About the TSB Biocatalyst fund
The fund is a joint programme between the Medical Research Council and the Technology Strategy Board, working together to provide responsive and effective support for the best life science opportunities arising in the UK. Support through the Biomedical Catalyst is available to UK businesses and academics looking to develop innovative solutions to healthcare challenges either individually or in collaboration.