- Uniseed-led funding round secures $3.86 million Series-A funding from Family Offices and Sophisticated Investors
- Company created from University of Sydney intellectual property will develop new treatment for addiction
- Novel therapy for substance abuse disorders, including alcohol, illicit and prescription drugs
Brisbane, 15 February 2018 – Uniseed, a venture fund operating at the Universities of Melbourne, New South Wales, Sydney and Queensland, and the CSIRO, is pleased to announce an initial investment of $750,000 in to drug development company Kinoxis Therapeutics Pty Ltd.
Uniseed led the funding round in Kinoxis which included a syndicate of Family Offices and High Net Worth Investors, with the total capital raised being just over $3.86 million. The investment will be used to further develop the lead drug candidate as a new treatment for substance use disorders and take it through to the end of the preclinical phase and make it ready for first in man clinical studies.
Substance use disorders, including the abuse of alcohol, illicit and prescription drugs, represent a considerable treatment challenge for health care professionals and are a significant economic burden. There are currently only a limited number of drugs approved for substance use disorders, and there currently no approved pharmacological treatments for methamphetamine or cocaine use disorders.
The multi-disciplinary research team headed by Prof Michael Kassiou and Prof Iain McGregor in the School of Chemistry and School of Psychology at the University of Sydney has discovered a family of small molecules that act to indirectly stimulate the oxytocin system of the brain. Oxytocin, an endogenous neuropeptide, is the focus of much contemporary interest due to its central role in the positive regulation of social behaviour and its inhibitory effects on addictive behaviours. Targeting the brain oxytocin system has the potential to treat addiction to all major classes of addictive substance and to intervene across all stages of the addiction cycle.
Uniseed CEO Peter Devine commented; “We are excited to be investing in high-quality Australian medical research from a world class research team at the University of Sydney, in a program that is developing new treatments for addiction disorders where there is a significant unmet clinical need.”
He further added; “This is also a significant achievement for Uniseed and demonstrates our ability to put together a development plan and budget alongside its partners, take a lead role in the planning and fundraising activities and raise significant early stage capital.”
Uniseed (www.uniseed.com) is a venture fund operating at the Universities of Melbourne, Queensland, New South Wales and Sydney, as well as the CSIRO. Uniseed’s mandate is to facilitate the commercialisation of research partner generated intellectual property by targeted investment in highly promising technologies. Uniseed’s investments cover a range of technology sectors. To date, the fund has exited a number of investments; a drug to treat nerve pain (Spinifex Pharmaceuticals acquisition by Novartis); a drug in development to treat fibrosis (Fibrotech Therapeutics sale to Shire plc); an IT security technology (Vintela sale to Quest Software Inc.); a semi‐ conductor technology (Fultec sale to Bourns Semiconductor Inc); and a headlice treatment (Hatchtech) sold to Dr Reddy’s Laboratories.
For more information:
Peter Devine, CEO
+61 409 631 581
Hugh Alsop, CEO
+61 439 080 353
University of Sydney Contact:
Vivienne Reiner, PR adviser
+61 438 021 390