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| July 2, 2002 |
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| Major Cancer Gene Therapy Investment |
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| Mitsubishi Chemical Corporation |
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(Tokyo, Japan) Gene therapy can be described as the use of genes as medicines to treat disease. Such a fundamental approach to therapy has the potential to transform the healthcare landscape bringing with it the prospect of significant improvements to patient quality of life post-treatment and savings of $billions usually spent annually worldwide on invasive and expensive treatment regimes for major disease indications such as cancer. However, although gene therapy is now being seen to work in a number of clinical trials, the full potential for gene therapy will not be realised until the "vector problem" is properly solved. A vector is the "guided missile" that is needed to deliver the "warhead" (gene) to the correct site of action in the body. Unfortunately, current vector technologies are generally inadequate for general clinical applications. Virus vectors are efficient but dangerous to use and non-virus vectors are inefficient through general safe.
Fortunately, the prospects for non-viral gene therapy are now significantly brighter with the launch of IC-Vec Ltd, an Anglo-Japanese joint venture company. IC-Vec Ltd is a spin out company from Imperial College, London, that has a powerful and comprehensive patent portfolio in advanced non-viral vector technologies arising from research carried out since 1998 under an academic-industrial strategic alliance between the Imperial College Genetic Therapies Centre (GTC) and the Mitsubishi Chemical Corporation (MCC). IC-Vec Ltd is a product driven biopharmaceutical company dedicated to the clinical realisation of non-viral cancer gene therapy.
Today, MCC, The Diamond Capital Company Limited (DCC) and Nikko Capital (NC) are delighted to announce the formation of a key partnership with IC-Vec Ltd through significant investment including exclusive license patents owned by MCC. This capitalisation will be used to perfect IC-Vec Ltd's non-viral vector technologies to clinical use in non-viral cancer gene therapy within the next two years. IC-Vec Ltd is confident that success in non-viral cancer gene therapy will open the door to subsequent non-viral gene therapy approaches to other major diseases such as airway inflammation and ischaemic heart disease.
Dr Miller, IC-Vec Ltd CTO, said that; "MCC showed enormous vision in creating the original academic-industrial strategic alliance with Imperial College and now this vision has been shared by DCC and NC. I am a great believer in the Anglo-Japanese axis as a powerful force for scientific creativity and technical innovation. The prospects for IC-Vec Ltd and non-viral cancer gene therapy are looking very good."
| For further information, please contact |
| Public Relations and Investor Relations Dept., |
| Mitsubishi Chemical Corporation |
| Tel: [+81]-(0)3-3283-6274 |
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Notes:
Non-viral vectors provide the only acceptable and realistic route to clinical gene therapy. Viral vectors are unrealistic pharmaceutical agents from the point of view of safety, production and licensing regulations. Compared with viral vectors, non-viral vectors exhibit lower toxicity/immunogenicity, lower potential for oncogenicity, simpler production and quality control, and less severe pharmaceutical and regulatory requirements.
Mitsubishi Chemical Corporation
Mitsubishi Chemical Corporation (MCC) is a Japanese leading chemical company with a new business development strategy underway in bio and life science technologies. Over the past few years, MCC has entered into global outsourcing of research activities by forming strategic research alliances with international centres of research excellence so as to develop a portfolio of Innovative Global Products (IGPs) in the product arena of pharmaceutical and life science technologies.
DCC
The Diamond Capital Company Limited (DCC) is one of the oldest leading venture capital firms in Japan.. In 1974 DCC was established by the Mitsubishi Bank Limited (the present Bank of Tokyo-Mitsubishi Limited) together with other Mitsubishi group companies. DCC has financed over 600 companies in a variety of industries worldwide. More than 200 of those companies have completed initial public offering on local and international stock exchanges.
NC
Nikko Capital Co., Ltd. is part of the Nikko Cordial Group. Established in 1983, it is one of the early pioneers in venture capital investment and management in Japan. Its total fund size is currently about US$450 million. With an extensive network in Japan, it supports startups that are expected to play a major role in the future. They work closely with their portfolio companies, providing valuable advice and management expertise to help their business grow.
Imperial College
Imperial College of Science, Technology and Medicine (ICSTM) is one of Europe's leading science and technology academies. Situated in the heart of London, ICSTM is an independent part of the University of London and has a quality of research output that in many instances has been independently judged to exceed that of any other British University including Oxford and Cambridge. In May 1998, MCC formed a strategic academic-industrial alliance with ICSTM to establish the Genetic Therapies Centre (GTC). The GTC is a multidisciplinary research centre dedicated to post-genomic research and the science and technology of genetic therapies. Dr Miller is the GTC's founding Director. |
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