Neurodyn Inc. acquires Memogain® for Dementia in Alzheimer’s Disease
Neurodyn Inc. and Galantos Pharma GmbH announced today that Neurodyn has acquired from Galantos Pharma GmbH, Mainz, Germany (galantos.com) all assets related to their Alzheimer’s prescription drug candidate – Memogain®. Memogain® has completed an extensive preclinical development program and is ready to proceed into Phase 1 clinical trials in late 2013.
“We are very pleased to complete this acquisition. Memogain® is a significant improvement over existing Alzheimer’s drugs, and is staged for immediate entry into clinical trials. It has the potential to follow a fast‐track regulatory pathway in both the US and Europe.” said Kenneth Cawkell, Neurodyn CEO.
Memogain® is a patented improvement on the generic drug, galantamine, (Nivalin, Razadyne, Razadyne ER, Reminyl, Lycoremine). Galantamine, a plant‐derived compound, is widely prescribed to enhance cognition for the treatment of mild to moderate Alzheimer’s disease, but has a limited capacity for brain penetration and significant side effects that limit its effectiveness. Memogain® was developed to have a much higher bioavailability in the brain, without the negative gastro‐intestinal side effects that limit patient acceptance.
Neurodyn will also investigate the potential for Memogain® to decrease the amyloid plaque burden associated with Alzheimer’s disease and to induce new cell growth in regions of the brain affected by the disease.
Sales of galantamine are currently in excess of $500 million per year. The worldwide Alzheimer’s drug market is currently estimated to exceed $4.2 billion and is growing rapidly due to the aging demographic. Current drugs on the market have significant side effects which limit their effectiveness and reduce their usefulness. The revenue potential for Memogain® could extend beyond the current galantamine market share due to the urgent medical need for Alzheimer’s drugs that have increased efficacy and decreased side effects compared to the current anti‐dementia drugs.
“We are very pleased by Neurodyn’s acquisition of the Memogain project” said Alfred Maelicke, founder and CEO of Galantos Pharma, “because Neurodyn is a champion in reformulating and repurposing generic natural products for indications with urgent medical need. By transferring Memogain to Neurodyn, we will now be able to explore in full the potential of this innovative drug candidate not only in AD but also in Parkinson’s disease.”
Dr. Caroline Fichtner, Senior Investment Manager with Galantos´ seed investors High-Tech Gruenderfonds agrees: “The transfer of the project to Neurodyn offers Memogain® a fast possibility to come to market and to help patients with an effective and compliant therapy. And furthermore it shows that an investment in highly potential biotech companies and their products enables investors to realize an interesting return on investment.”
About Neurodyn Inc.
Neurodyn Inc. (www.neurodyn.ca) is a Canadian biotechnology company focused on identifying, validating and developing natural bioactives into both prescription drugs and natural products for the early treatment of neurological diseases. Neurodyn examines historically‐proven natural products to discover key bioactives which can either be reformulated or repurposed to provide more effective treatments for neurological conditions. Neurodyn’s lead technologies include ND1208, a neuroprotectant for use in early stage Parkinson’s disease, which is incorporated into both a nutrition supplement (in market) and a US‐FDA Medical Food product (under development), Progranulin (ND602), a novel therapeutic demonstrating pre‐clinical efficacy in ALS, Parkinson’s disease, Alzheimer’s disease and Spinal Muscular Atrophy, and a natural product derived Nerve Pain Treatment (NQ1123), which is being developed as a prescription drug for a topical nerve pain condition.
About Galantos Pharma GmbH
Galantos Pharma GmbH is a privately owned German biotechnology company founded in 2005. The company is utilizing the long-term experience and established technology platform of the founders in the areas of natural compound synthesis, molecular medicine and neuro-pharmacology as well as an international network of experts for pre-clinical and clinical development of novel CNS medications. Galantos’ shareholders are the High-Tech Gruenderfonds (HTGF), the KfW (a Federal Government Bank), the VRP (Rhineland Palatinate Venture Capital Fund), two funds of the Rhineland Palatinate Investment bank ISB (FIB and WFT), and the founders Maelicke and Jordis. In addition, the company has received extensive support by the BMBF (German Ministry for Education and Research).
High-Tech Gruenderfonds invests in young, high potential high-tech start-ups. The seed financing provided is designed to enable start-ups to take an idea through prototyping and to market launch. Typically, High-Tech Gruenderfonds invests EUR 500,000 in the seed stage, with the potential for up to a total of EUR 2 million per portfolio company in follow-on financing. Investors in this public/private partnership include the Federal Ministry of Economics and Technology, the KfW Banking Group, as well as strategic corporate investors including ALTANA, BASF, B. Braun, Robert Bosch, CEWE Color, Daimler, Deutsche Post DHL, Deutsche Telekom, Evonik, Lanxess, media + more venture Beteiligungs GmbH & Co. KG, METRO, Qiagen, RWE Innogy, SAP, Tengelmann and Carl Zeiss. High-Tech Gruenderfonds has about EUR 573.5 million under management in two funds (EUR 272 million HTGF I, EUR 301.5 million HTGF II).
High-Tech Gründerfonds Management GmbH
Dr. Caroline Fichtner
phone: +49 (228) 823 001-13
fax: +49 (228) 823 000-50