Local Company to Raise $5 Million to Advance New Prostate Cancer Drug
1-24-2017
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Capital raised will go towards continued drug development including planned tests in prostate cancer patients.
Biopep Solutions Inc., a privately owned biotechnology startup headquartered in Richmond BC is now raising funds needed to advance their lead candidate anticancer drug up to and including human clinical trial testing. Their drug, BPS-001, is a heterogeneous biologic extract being tested as a treatment for metastatic, castration resistant prostate cancer (mCRPC). Biopep Solutions is certified as an Eligible Business Corporation by the provincial government and to date has funded its work with $6.7 Million dollars’ worth of research grants and private investments.
Company management, backed by a Scientific Advisory Board, recently announced its plans to raise $5 million in capital by March 1st, 2017. The company will be needing this funding to continue its development of BPS-001. The proceeds raised will specifically be used to move the drug closer to becoming a next-generation treatment option for cancer patients by advancing it through the requirements of Health Canada and the FDA.
Under the 'direct' investment model an Eligible Business Corporation is authorized to accept equity capital directly from investors without having to set up a Venture Capital Corporation. Additionally, Eligible Business Corporation status allows Biopep Solutions’ investors to apply to receive a 30% BC tax credit from the BC Government under the Small Business Venture Capital Act, as well as an RRSP tax deduction should the investor be willing to set up a self-directed RRSP account.
The company is currently nearing completion of pre-clinical (non-human) testing which has included collaborations with scientists at UBC. Their preliminary research on BPS-001’s ability to treat prostate cancer suggest that the drug’s multiple active components begin a series of biochemical processes that interfere with the formation of cancer cells. The company’s head of Regulatory Affairs and Drug Development, Dr. Gary Yalloway explains that unlike currently approved single target therapies, BPS-001 has a “multivalent mechanism that acts by blocking more than one target that contributes to the development of cancer.”
The testing indicates that BPS-001’s activity hinders the development of new blood vessels that supply cancerous tumours. Because tumors cannot grow beyond a certain size or spread without a blood supply, using drugs that block the development of new vessels is one of the ways cancer is treated. The company’s research has demonstrated the drug’s ability to trigger cancer cell death through the process of apoptosis as well as activate anti-inflammatory and immune-boosting processes localized to the cancer site.
What makes Biopep Solutions’ work exciting are the results of assessments used to determine BPS-001’s safety profile as well results suggesting that treatment with the drug leads to a decrease in the probability of the cancer developing resistance to it. Both these factors, along with the drug’s effectiveness, give it a competitive advantage compared to cancer therapies currently available on the market. The company anticipates earning approval for a Clinical Trial Application (CTA) from Health Canada along with an Investigational New Drug Application (IND) from the American FDA to proceed with human clinical testing. Clinical trial protocols are currently being finalized at the BC Cancer Agency in Vancouver as well as at the Emory Winship Oncology Unit in Atlanta, Georgia.
According to Prostate Cancer Canada, the disease is the most common cancer to affect Canadian men. One in eight will be diagnosed with the disease in their lifetime. The foundation encourages men to discuss screening with their doctor so that if prostate cancer is detected, the appropriate action can be taken. A significant proportion of prostate cancers, if untreated, may have serious consequences. The need for new, effective cancer treatments remains the impetus behind advances by Biopep Solutions’ management, scientists, staff and partnering academic institutions.
Biopep Solutions is looking forward to the next phase of its development as well as being able to make a positive impact by reducing prostate cancer mortality here in Canada and across the world. The company is confident in BPS-001’s ability to change the landscape of cancer therapy as we know it. The company is inviting the public to learn more about the company and its future plans by attending its Investor Information Evenings on January 27th, February 3rd and February 10th. Additional information can be found at the Biopep Solutions website www.biopeps.com and reservations for the Investor Information Evenings can be made at www.biopepinvestorevening.eventbrite.ca (the events are free and a complimentary dinner will be served but registration is required).
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