Venture management company ANGLE (LON:AGL) said that Wellcome Trust agreed to give its 25% portfolio company NeuroTargets a further funding of £3.8 million after financing a successful first phase of a research project to investigate neuropathic pain therapeutic molecules.
The new financing will bring the total invested by Wellcome to £4.34 million, following a first phase funding of £540,000. The second phase funding is intended to complete the pre-clinical work over the next two years to allow the small molecules to enter human trials.
NeuroTargets has licensed its intellectual property in relation to neuropathic pain therapeutic molecules to the University of Bristol, who have used that background IP to raise further funds for the programme to investigate the use of galanin, a protein used by nerve cells to communicate with each other.
Should this work be successful, the small molecules can then be licensed to a major pharmaceutical company for clinical trials as a therapeutic for neuropathic pain.
ANGLE said that neuropathic pain relief drugs represented a multi-billion market. According to the company, the market will keep expanding as the number of people suffering from diabetes is projected to increase from 85 million in 2010 to 438 million by 2030. Of those with diabetes, over half typically develop neuropathy and 5-20% of those patients typically develop chronic neuropathic pain.
“Existing painkillers can prove largely ineffective against neuropathic pain so we are pleased to support this project, which addresses an area of huge unmet clinical need,” said Business Development Manager at the Wellcome Trust Rick Davis.
NeuroTargets has submitted applications for patents over the use of galanin molecules for the treatment of multiple sclerosis and Alzheimer's disease.
Shares in ANGLE rallied more then 7% on the news.