News

2008-11-07 Success of Pharmena, polish biotechnological company

Pharmena, the listed manufacturer of innovative drugs and dermocosmetics from Lodz in Poland on 3 November announced it has contributed capital increase at Cortria (formerly Pharmena North America), its US subsidiary, which is conducting research on an innovative arteriosclerosis treatment. The money will be spent on the completion of clinical trials in Canada.

With the capital injection, Pharmena started fulfilling the objectives of a PLN 13.6m (€3.8m) private placement that it completed in August, ahead of its initial public offering on NewConnect, the Warsaw Stock Exchange’s alternative market. The company said it would participate in another capital increase early next year to finance Cortria’s trials in the US, depending on their outcome in Canada. Cortria Corporation leads on the basis of patents and patent applications belonging to Pharmena SA, efforts to register with U.S. and Canadian drugs on the basis of the above patents.

Meanwhile, Windhover, a provider of healthcare intelligence, has ranked Cortria’s antiarteriosclerosis drug- TRIA 662 among the 10 most promising candidate drugs in the circulatory system area. TRIA 662 is a derivative of vitamin PP. In the initial clinical trials, TRIA 662 showed potential for obtaining favorable lipid profile changes without side-effects that occur for other drugs in this class. Formulas based on niacin, despite the positive impact on the lipid body, causing frequent side effects, in particular, skin redness and flushing. As a result, a significant portion of patients interrupt their treatment. Past attempts to develop derivative niacin, deprived of these activities haven`t brought the expected side effects. TRIA 662 open such opportunities and has a chance to be a breakthrough in the treatment of dyslipidemia (disruption in the amount of lipids in the blood).

Edited by: Izabela Klockowska
Source: www.newconnect.pl, www.pharmanews.com