Life sciences investment company Medicxi has partnered with Starpharma for the formation of Petalion Therapeutics to develop dendrimer-based oncology treatments.
The collaboration leverages Starpharma’s DEP dendrimer platform technology. Medicxi is committing $25m for the development of a new drug candidate.
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To be operated from the UK, the new company will initially focus on creating targeted dendrimer-drug conjugate therapies.
Starpharma’s contribution to the partnership includes licensing its intellectual property to Petalion in exchange for a 22.5% stake in the new company.
Starpharma will grant Petalion an exclusive licence for a specific target, receiving ordinary shares in return.
Starpharma will offer research and development services on a fee-for-service basis.
Medicxi’s investment in Petalion will be distributed in tranches, contingent on achieving scientific and technical milestones.
Starpharma CEO Cheryl Maley stated: “We are excited to announce this strategic partnership, which combines Starpharma’s expertise in developing dendrimer technology with Medicxi’s success in converting development candidates into high-value commercial assets.
“If successful, the oncology therapies that Petalion will develop have the potential to become an important treatment modality for a potentially wide range of cancer indications.
“This is just one of many ongoing efforts to prioritise the commercialisation of Starpharma’s DEP [diethyl phthalate] platform and our partnerships to advance the application of the DEP technology in high-value novel therapeutic areas.”
Dr Mehdi Shahidi, who has an extensive background in pharmaceutical drug development, has been appointed as Petalion’s CEO.
Shahidi stated: “Leveraging Starpharma’s world-leading technology and the scientific domain expertise from Medicxi’s asset-centric investment platform, our team at Petalion aims to develop best-in-class dendrimer conjugates with differentiated properties.
“Our ultimate goal is to cultivate a targeted dendrimer-based drug that can effectively address unmet needs in cancer.”
Medicxi’s portfolio company Versanis Bio. agreed to be acquired by Eli Lilly and Company last year.
