Psioxus CEO John Beadle talks about their cachexia program




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Video title: Psioxus CEO John Beadle talks about their cachexia program
Released on: August 17, 2011. © PharmaTelevision Ltd
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In this episode of PharmaTelevision News Review, filmed at BIO 2011, Fintan Walton talks to John Beadle, CEO of Psioxus.
PsiOxus Therapeutics: Origin and focus
Fintan Walton:
Hello and welcome to PharmaTelevision News Review here at BIO 2011 in Washington. On this show I have John Beadle, who is CEO of a company called PsiOxus Therapeutics based in Oxford, welcome.
John Beadle:
Thank you, good morning.
Fintan Walton:
Good morning to you. John, PsiOxus could you tell us what that company is you are obviously CEO of that company and how it emerged as a biotech company and what it focuses on?
John Beadle:
Certainly, we are an oncology focused biotechnology company, we are based in Oxford in the UK and we were created in December of 2010 from the merger of two different spin-out companies Myotec which was from Imperial College London and then Hybrid BioSystems which was out of Oxford University [PharmaDeals ID = 38529].
Fintan Walton:
And by bringing those two companies together what were you bringing together?
John Beadle:
We brought together experienced management team that was working very well together, I was in fact CEO of both of those companies before we merged them and brought them together as PsiOxus .
Fintan Walton:
Make sense there doesn't it?
John Beadle:
It made a lot of sense from my point of view, it brought a good set of investors together and it build out a portfolio of products which takes us from a Phase II compound through to early discovery compounds, so again this built-up portfolio that we could take forward to as a more integrated company.
Fintan Walton:
Okay, and in terms of those shareholders, those investors that you've got what type of investors do you have?
John Beadle:
We've got a very interesting investor group, we in fact our major investors are both off- balance sheet investors so we have Imperial Innovations who are in the company from the outset of the founding of Myotec which came out of Imperial College and then we also have Invesco Perpetual who are in fact a pension fund so relatively unusual investors for an early stage biotech company, but it really gives us a very strong set of investors for taking these programs forward.
Fintan Walton:
So obviously the company is a private company as of to date?
John Beadle:
Yes correct.
Business model
Fintan Walton:
Okay so what's your business model is your business model a traditional biotech?
John Beadle:
I think we are relatively traditional biotech, we've taken programs out of academia, we are looking to develop them at least through to the end of Phase II proof of concept and we are currently looking for potential partners for our lead program which is in Phase II of clinical development.
Cachexia program
Fintan Walton:
Okay, so just tell us little bit about the science then.
John Beadle:
Absolutely, so we have two sets of sciences because we brought two companies together, so our cachexia program, cachexia is the wasting disease of cancer , a disease where there is a lot of unmet medical need there are no treatments for cancer cachexia even though it causes death in around 30% of cancer patients and our approach is unique from the point of view of looking at this there are many people working in the area of cancercachexia but they are looking to build the muscle, they are looking to add muscle back into these patients our approach is to try and get to the cause the underlying cause of cachexia and to stop the muscle breakdown in the first place, so we have a unique approach and we think it's going to have a very important place.
Fintan Walton:
So what's the specific intervention that you are developing?
John Beadle:
This is a small molecule intervention that blocks the process of breakdown, it's a neurohormonal intervention that blocks the process of breakdown of tissues.
Partnering strategy
Fintan Walton:
Okay, so when we go back to the business model, obviously if you got products in Phase II clinical trials you are looking then to partners those?
John Beadle:
We are looking to partner these programs at the end of Phase II so for us to develop good sound clinical proof of concept and then to find marketing partners and co-development partners to take those on through the Phase III and into the market.
Fintan Walton:
Okay, and in terms of your current funding requirements, so you fully funded to take those products through are you gonna need to have more fund out there?
John Beadle:
We are fully funded to take our lead program which is the MT-102cachexia program through to the end of Phase II, we are currently fund raising for our follow-on program which comes from the other side of the business this is an oncolytic virus that was developed in collaboration between the group at Oxford University and Bayer Schering, we now have all of the rights to take this program forward and we are taking that into the clinic next year for a Phase I/II clinical study and we currently fund raising to cover that components of the program.
Future plans
Fintan Walton:
Okay, and for the future of the company and again extension of that business model concept are you taking the company to be retain that model, or become a fully integrated company, or to afloat, or to be acquired what is your ambition?
John Beadle:
Well I think this comes down to you know what business model can biotech look to at the moment in terms of the current economic climate, and I think even the old model of saying we going to IPO this company is probably not credible at the current time, so I think we are really looking to develop these programs through and to license them on, but probably a trade sale exit is probably the most likely exit I think particularly for European biotech at the moment.
Fintan Walton:
Okay. John Beadle, thank you very much indeed for coming on the show.
John Beadle:
Thank you.
Fintan Walton
Dr Fintan Walton is the Founder and CEO of PharmaVentures . After completing his doctoral research on the genetics of cell proliferation at the University of Michigan(US)and Trinity College (Dublin, Ireland), Dr Walton gained broad commercial experience in biotechnology in management positions at Bass and Celltech plc (1982-1992).
John Beadle
CEO
John Beadle was Entrepreneur in Residence at Imperial College, where he helped to establish Myotec Therapeutics Ltd as a spinout business. He became CEO of Myotec in late 2008, rapidly securing seed financing followed by a "5.6 million series A funding round from Imperial Innovations and Invesco Perpetual in early 2010. During this time, John was also Executive Chairman and CEO of Hybrid Biosystems Ltd , securing further seed financing for this Oxford based start-up. In 2010, John's leadership of these two private companies led to their combination to form PsiOxus Therapeutics. John was previously the co-founder of the vaccine company PowderMed. In 2004 he helped to raise "20 million from leading UK and US Venture Capital Funds and was then Chief Medical Officer and board director leading to the trade sale of PowderMed to Pfizer for over US$300 million in 2006. John has previously held roles at PowderJect, Pfizer and Glaxo SmithKline where he was most recently VP of Global Medical Operations. John was trained in Medicine at the University of Witwatersrand and received his MBA with distinction from the London Business School.
PharmaVentures
PharmaVentures is a corporate finance and transactions advisory firm that has served hundreds of clients worldwide in relation to their strategic deal making in the pharmaceutical, life science and healthcare sectors. Our key offerings include: Transactions / deal negotiations; Product / technology valuations; Deal term advice; Due diligence & expert reports; Strategy formulation; Alliance management; and Expert opinion for litigation/arbitration cases. PharmaVentures provides the global expertise to ensure our clients generate the highest possible return on investment from all their deal making activities. We have experience of all therapeutic areas and can offer advice on both product and technology commercialisation.
PsiOxus Therapeutics
PsiOxus Therapeutics was formed in 2010 through the combination of Myotec Therapeutics Ltd and Hybrid Biosystems Ltd . Myotec was formed in 2006 as an Imperial College spin out company based upon the world leading research of Professor Stefan Anker and Professor Andrew Coats into the underlying mechanisms of cachexia across a wide range of chronic disease states. Myotec identified and developed the lead program, MT-102, to the point of phase II clinical development. MT-102 has a unique combination of pharmacological effects to produce a Anabolic Catabolic Transforming Agent (ACTA) with an excellent pre-clinical efficacy profile, as demonstrated in animal models of cachexia and sarcopenia . MT-102 has been dosed to 132 patients in two clinical studies and has a very good human safety profile. MT-102 and our follow-on programs are being developed in close collaboration with Professor Anker's specialist cachexia research group at the Charite Medical School in Berlin. Hybrid based upon the groundbreaking research of Professor Len Seymour and Dr Kerry Fisher. Hybrid's early research was into the use of viruses as a unique form of therapeutics. ColoAd1 was developed in collaboration with Berlex (now Bayer Schering) as a unique chimeric oncolytic virus. Hybrid's scientists also developed the stealthed vaccine vector system called PolySTAR, which is a polymer coated recombinant viral vector and the potent adjuvant and immunotherapeutic system called PolyMAP.