Velocity Pharmaceutical announces clinical development agreement
Velocity Pharmaceutical Development, is a pharmaceutical development organization, has signed a licensing agreement to pursue a drug development program utilizing EuMederis Pharmaceuticals' EuPort technology for optimizing the pharmaceutical properties of peptide drugs.
Research and further development is being funded and carried out through a special purpose development company, Spitfire Pharma, operating largely in virtual mode. The program will be managed by members of the Velocity Pharmaceutical Development team and by John Nestor, Ph.D., CEO of EuMederis.
Peptide hormones control a host of critical functions throughout the body. Peptide drugs, however, typically have a short duration of action and require self-injection thus limiting their utility. Recent advances in the design, synthesis and delivery of peptides, such as the EuPort technology, have increased interest in this attractive pharmaceutical class.
"The EuMederis model of rapid peptide optimization has quickly provided us with an attractive peptide development candidate and its low-infrastructure organization is consistent with our plan for Velocity Pharmaceutical Development," explained David J. Collier, M.D., CEO of Velocity Pharmaceutical Development.
John Nestor, Ph.D., founding CEO of EuMederis, said, "We expect that the Velocity model for rapid and focused clinical development programs in relatively flat organizations will find many adherents in the future of biopharmaceutical development. It is a pleasure to be working with such a highly experienced team of drug development experts."
The deal terms and therapeutic target have not been released at this time.