5 September 2007
Lectus Therapeutics secures £3million investment from the Wellcome Trust
Funds will be used to identify novel drugs for multiple sclerosis by leveraging Lectus’s proprietary ion channel screening technology
Cambridge, UK 05 September 2007, Lectus Therapeutics Ltd, the drug discovery and development company focusing on next-generation ion channel modulators, announced today that the Wellcome Trust provided £3million of investment capital to fund a specific programme to identify new classes of selective potassium channel modulator drug candidates for the treatment of multiple sclerosis.
Lectus has received funding under the Wellcome Trust’s Seeding Drug Discovery Initiative, to utilise its proprietary LEPTICS®- technology to identify novel drug candidates for the treatment of multiple sclerosis. Such compounds will target a novel, first-in-class mechanism of action and are anticipated to address some of the drawbacks associated with existing drugs and those currently under development for multiple sclerosis. Under the terms of the agreement, the Wellcome Trust retains the option to fund subsequent preclinical and clinical development of compounds identified under the alliance.
Dr Roland Kozlowski, CEO of Lectus, commented: “Lectus is delighted to initiate a drug discovery programme utilizing its proprietary LEPTICS®- technology with the support of the Wellcome Trust. This partnership provides both significant endorsement of the company’s scientific and corporate strategies and aligns the company’s strength in discovery and development with the charitable objectives of the Wellcome Trust”
Dr Ted Bianco, Director of Technology Transfer at the Wellcome Trust added: “This partnership illustrates our philosophy to fund scientific excellence backed by a strong development plan and an experienced team. This funding will support an innovative drug discovery programme in an area of unmet medical need and validate the approach for identifying next-generation ion channel modulators for further disease indications.”