TVM Life Science Ventures VII Announces First Investment
News Jan 22, 2013
This company is a spin out of Kaneq Pharma Inc.
Kaneq Bioscience Ltd. was specifically created to develop a protein tyrosine phosphatase1B (“PTP-1B”) inhibitor for treating type 2 diabetes mellitus. “Other approaches targeting PTP-1B have shown efficacy in the clinic but oral small molecules have remained elusive. Our compound has promise as an orally active insulin sensitizer that can be paired with existing therapies.” stated Dr. Daniel Bouthillier, CEO of Kaneq Pharma Inc., who has joined Kaneq Bioscience Ltd. as Executive Chairman. Dr. Cynthia Lavoie, General Partner of TVM Capital Life Science and Board Member of Kaneq Bioscience Ltd. adds: “We are pleased to collaborate with Kaneq Pharma to create a company in Montreal which addresses a huge market need for diabetes patients”.
This is the first investment for TVM Life Science Ventures VII, a life sciences venture fund domiciled in Montreal QC, which follows a new investment approach to developing pharmaceutical assets to a human proof-of-concept in single asset companies. This approach has proven to be highly capital efficient through a high degree of outsourcing while creating an opportunity for faster exits through a trade sale to a pharmaceutical player looking to build its pipeline without having to take on legacy companies around the products that appeal to them.
Kaneq Bioscience Ltd. will tap into the rich ecosystem of service providers in the area to bring its asset to human proof-of-concept, including expertise provided by Montreal-based Chorus Canada, an offshoot of global-early-phase drug development network Chorus, an autonomous unit of Eli Lilly and Company. The company is also benefitting from the involvement of Kaneq Pharma management, a highly experienced team with complementary skills in pharmaceutical development.