Cryptome to chase opps in vascular field

Melbourne biopharma Cryptome Pharmaceuticals (ASX:CRP) has signed a collaboration agreement with the University of Virginia for the further discovery of compounds to treat 'vascular leak' -- a major component of inflammatory disorders and tissue damage associated with stroke, heart attacks and MS.

"The agreement gives us additional targets and additional compounds creating for us a major stake in the pathway regulating vascular leak," said Cryptome's chief scientific officer, Vic Ilag. "There is only one other company targeting vascular leak, underscoring the importance of this work."

In February Cryptome acquired an option for an exclusive licence over a novel class of protein-derived anti-inflammatory compounds from the University of Virginia. Under the new agreement, Cryptome will work with lead compound CR014 inventor Prof Martin Schwartz, and medical advisory board member at his laboratory at the University of Virginia.

In a statement, Schwartz said: "The funds provided by Cryptome will permit more rapid discovery and validation of molecules in the pathway targeted by CR014. Understanding the biological pathway will yield a plethora of validated druggable targets for treating vascular lead. This opportunity to treat a wide variety of currently untreatable conditions is worth all our efforts."

Ilag would not disclose the amount of funds involved.

The agreement ensures full transfer of relevant technology and know-how and assigns Cryptome the first option to in-license intellectual property produced by Schwartz. Relevant intellectual property has already been developed under the contract, including patent filing on that compound, and the company is currently studying the data with the view to exercising its option to license.

Cryptome said it was also pursuing a new round of capital raising to enable it to pursue drug development plans and out-licensing programs in the vascular leak area and more generally.