Soricimed CEO Builds BioTech in New Brunswick
CEO Paul Gunn presents innovative business model at NBHRF
Fredericton, NB, Canada, November 9, 2012 - As part of the 4th Annual New Brunswick Health Research Conference (NBHRF), Soricimed Biopharma Inc.’s President and CEO, Paul Gunn, spoke about the challenges of building a biotech start-up in New Brunswick, a province not-typically associated with this type of innovation.
Since 2005 Soricimed Biopharma Inc., a clinical stage company developing cancer therapeutics and diagnostics, has raised more than $11 million without any venture capital, sourcing instead, from 140 local investors. While this is less money than is raised by more traditional biotech companies, being able to move into human trials has exceeded the accomplishments of those with significantly more money.
Currently Soricimed is in a Phase 1 trial for their new cancer treatment drug. They are also in pre-clinical study of a diagnostic blood test that can detect early stage ovarian, breast and prostate cancers. Soricimed holds six U.S. patents and one European patent (covering 8 countries), as well as seven additional patent applications pending covering 14 countries.
“We have great science that will have global significance,” said Gunn. “The research and development work we’ve done is very innovative, in a traditional sense. However, in order to be a global success, we’ve needed more than just the great science; we’ve needed a very innovative approach to the way we operate.
Soricimed created a semi-virtual business model, keeping their physical footprint small while outsourcing much of required specialty work to third party labs. This has allowed them to maintain ownership and value of all of their intellectual property and has given them an opportunity to leverage some of the best minds in the global biotech ecosystem, putting Moncton and Sackville, NB on the international biotech radar.
ABOUT SORICIMED BIOPHARMA
Soricimed Biopharma Inc., a private Canadian clinical stage company developing novel cancer therapeutics and diagnostics, was created in 2005 by Professor Jack Stewart and Paul Gunn following the discovery and development of a proprietary peptide, soricidin. Soricidin is the basis for Soricimed Biopharma Inc.’s targeted cancer management program focused on cancer therapeutics and diagnostics. Using focused innovative strategies in collaboration with major world-class cancer research institutions, Soricimed’s drugs have demonstrated a capability to reduce cancer cell viability, induce apoptosis and to reduce human tumour volume while minimizing side-effects in various classic animal and in vitro tumour models. Privately held, Soricimed is funded through private investors and various programs from the Government of Canada. For more information please visit, www.soricimed.com.
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Julie Fotheringham - Partner, Hageman Communications