NZ's Protemix recruits US-based CEO

Biotech entrepreneur Garth Cooper has stepped sideways from his role as CEO of New Zealand biotech Protemix, appointing US-based former Eli Lilly executive Larry Ellingson to guide the company through pending Phase III trials of its drug for diabetic heart disease Laszarin.

Cooper founded Protemix 10 years ago after returning to New Zealand from a long stint abroad, where he had built Nasdaq-listed Amylin from an Oxford University research project.

Ellingson, based in San Diego, is a former Eli Lilly and Company executive and is currently chairman of the American Diabetes Association.

"The task of taking a significant treatment such as Laszarin through multinational clinical trials now necessitates a major boost to our capabilities," said Cooper. "Larry is uniquely placed to advance Laszarin and Protemix to the next level internationally."

The company will continue to keep its core research group of 45 employees at its base at the University of Auckland, and Cooper will become president and chief technical officer of the firm.

Laszarin, a copper-chelator which is delivered orally, proved safe and well tolerated in a Phase IIa clinical trial which concluded late last year. It also reversed enlargement of the heart in diabetic patients, regenerating heart muscle to near normal. Phase III trials are due to begin early in 2006.