Multi-million boost for Cardiff shingles treatment
Immediate release
11 May 2007
A powerful new treatment for shingles will be one step closer after a multi-million pound deal on the US stock exchange.
US-based pharmaceutical company Inhibitex has agreed a merger with Fermavir Pharmaceuticals Inc, a spin-out company based on antiviral research patented at Cardiff University.
The deal means that clinical trials can go ahead on FV-100, an anti-shingles drug discovered and developed by Professor Chris McGuigan, of Cardiff University’s School of Pharmacy.
Shingles is an extremely painful condition which affects around one person in five during their lifetime. There are approximately 2.5 million cases each year in the US, Europe and Japan.
Previous research on FV-100 has shown it is about 10,000 times more powerful than existing drugs in suppressing the virus which causes the disease. The drug also has the potential to relieve all the symptoms experienced by sufferers.
Inhibitex, which holds around US$61.4 million in cash and equivalents, will be able to fund full-scale clinical trials of the drug at several centres in the US later this year.
Professor McGuigan, who sits on the Fermavir board, said the merger had several advantages. “What’s exciting is that for the first time this product can now be tested on people. We had taken the drug as far as we could as Fermavir and the merger with Inhibitex will give us the cash to progress this further.
“This drug was discovered, synthesised and scaled up here in Cardiff. It’s very rare to see something go from discovery through to dosing to patients. With luck, this deal will bring about a product which will reduce suffering by hundreds of thousands of people every year.”
The merger of the two companies is expected to complete by the end of July. Under the terms of agreement, Inhibitex will issue about US$19million in stock to acquire Fermavir.
ENDS
Notes for Editors
Cardiff University
Cardiff University is recognised in independent government assessments as one of Britain’s leading teaching and research universities. Founded by Royal Charter in 1883, the University today combines impressive modern facilities and a dynamic approach to teaching and research. The University’s breadth of expertise in research and research-led teaching encompasses: the humanities; the natural, physical, health, life and social sciences; engineering and technology; preparation for a wide range of professions; and a longstanding commitment to lifelong learning. Cardiff is a member of the Russell Group of Britain’s leading research universities.
Visit the University website at: www.cardiff.ac.uk
Welsh School of Pharmacy
The Welsh School of Pharmacy, which was founded in 1919, is the only school of pharmacy in Wales. In independent government assessments of university teaching and research, the School was awarded the double accolade of the top rating, “Excellent” for teaching, and the top rating “Grade 5” for research.
The School’s collaboration with institutions and pharmaceutical companies in Europe and the USA emphasises the School’s international reputation for research. The School has four research groups looking at drug delivery; drug usage; design and synthesis of drugs; and molecular and cellular basis of drug action.
The School also oversees the activities of the Welsh Centre for Postgraduate Pharmaceutical Education, which is concerned with continuing education for all of Wales’ 2,100 pharmacists.
For further comment please contact
Professor Chris McGuigan,
Welsh School of Pharmacy,
Cardiff University,
Direct dial and FAX +44 029 2087 4537
mcguigan@cardiff.ac.uk
Stephen Rouse,
Public Relations Office,
Cardiff University.
029 2087 5596
e-mail: RouseS@cardiff.ac.uk