Iliad scores drug discovery funding
Tuesday, 01 July, 2003
ANU spin off Iliad Chemicals has gained $2million worth of research funding from life sciences VC Start-up Australia Ventures Pty. The money will be ploughed into investigation of complex molecule technology as an anti-cancer agent.
Iliad uses a novel chemical strategy to provide synthesis of complex molecules in a chemical library approach to drug discovery. Iliad claims this approach allows unique development of libraries of "drug like" molecules.
The company has produced tubulin polymerisation inhibitor molecules it claims are potential cancer treatments, and plans to develop a lead compound up to the stage of Phase II clinical trials.
Iliad CEO Dr Bernard Flynn said the technology, developed during his time at ANU, had the potential to be applied to other areas of diseases, as well as cancer.
Dr George Jessup, managing director of Start-up Australia, described the underlying technology as “a powerful chemistry” which could help produce drug candidates quickly and cheaply.
“Many natural products fall into this (complex molecule) category, and Iliad is capable of exploring improved variants of chemicals found in nature, but which prove difficult and impractical to synthesise,” he said.
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