EQiTX appoints new R&D man

Perth oil exploration company-turned-biotech EQiTX has signaled a new level of intent for its ambitions with the appointment to its board of ex-Pfizer R&D director Dr Kevin Fahey.

EQiTX describes itself as ‘seeking to acquire technology at different stages of scientific development that will aid in the maintenance and/or improvement of human health for generations to come.’

“We are looking to acquire technology with clean IP that we can then add value to, and exploit the opportunities it presents to pharma,” said Dr Noel Chambers, EQiTX CEO.

Fahey, who has returned from the US after several years working on the commercialisation potential of therapeutic compounds for major pharma, will bring a keen eye to the EQiTX board, especially in an era when many local therapeutic biotechs are IP rich yet cash poor.

“We want to take the big company approach, and work from the ground up with clean technology that we have found and added something to, to make them more attractive. That means we can start to add value right at the start of the product lifecycle, and not have to worry about royalties and so on,” he said.

Chambers commented that Fahey's vast industry experience and knowledge of potential hero products for pharma will be invaluable in EQiTX's efforts to commercialise new therapeutic drugs.

He said that, in addition to the Gingerol project being undertaken in association with the University of Sydney and ZingoTX, the company was well on its way with assessing other products and technologies in the lucrative age-related chronic pain and inflammation disease fields.

“It’s a growing market, and there are lots of unmet needs at the moment. With Kevin on board, we are now concentrating 100 per cent on being a biotech company; our change of direction is now complete,” he said.