PediaMed Acquires Protein Therapeutics
Florence, Ky. – Sep 08, 2004
Note: Protein Therapeutics licensed its technologies exclusively from Research Corporation Technologies, which managed their commercialization for the University of California, Los Angeles, the VA Medical Center in Sepulveda, Calif., and Norrköping Hospital in Sweden.
Transaction Focused on Phase II Drug for Autistic Children Who Suffer from Gastrointestinal Dysfunction
PediaMed – The Pediatrics Company™ today announced that it has acquired Protein Therapeutics, a company dedicated to the discovery and development of new therapies for immunological diseases. The acquisition includes an investigational immunoglobulin drug that is entering Phase II clinical trials for gastrointestinal dysfunction in autistic children.
The National Institute on Deafness and other Communication Disorders defines autism as a brain disorder that begins in early childhood and persists throughout adulthood affecting three crucial areas of development: communication, social interaction and creativity. Autism is four times more prevalent in boys than girls and is estimated to affect 1 in 250 births or 1.5 million Americans(1).
Gastrointestinal dysfunction is common in children who suffer from autism, ranging from mild to moderate degrees of inflammation in both the upper and lower intestinal tract, and although there is no known cure, early intervention and treatment hold great promise.
“With autism growing at a rate of 10 to 17 percent per year, we look forward to tackling a category that disrupts the lives of so many families,” said Cameron Durrant, MD, MBA, President, PediaMed Pharmaceuticals. “Gastrointestinal symptoms associated with autism are debilitating physically, emotionally and socially. Our acquisition is an important step in building our capacity to conduct clinical research in this significant therapeutic area, one with a very important unmet medical need.”
“This transaction will enable our technologies and products to thrive in a fast-growing pediatric market,” said Leon Barstow, Ph.D., President and CEO of Protein Therapeutics. “We feel confident in the results of clinical trials to date and are optimistic that this therapy will prove effective against several debilitating conditions.”
About PediaMed – The Pediatrics Company™
A company devoted exclusively to the health of children, PediaMed identifies, develops and markets prescription pharmaceutical and select over-the-counter medicines that improve the health and well-being of infants, children, adolescents and young adults. Founded in 1999 and headquartered in Florence, Ky., PediaMed is a member of the Union Springs Portfolio of companies, which also includes Xanodyne Pharmaceuticals (Florence, Ky.). For more information, visit the PediaMed Web site at www.pediamedpharma.com.
About Protein Therapeutics, Inc.
Protein Therapeutics was founded in 1997 to discover and develop new therapies for chronic inflammatory diseases such as rheumatoid arthritis, inflammatory bowel disease and other autoimmune conditions. For more information visit the Protein Therapeutics web site at www.protein-therapeutics.com.