Minister for Enterprise, Trade and Employment, Micheál Martin T.D. Announces Collaboration between Opsona Therapeutics and Wyeth Pharmaceuticals

Minister for Enterprise Trade and Employment, Micheál Martin T.D today (Monday 13^th February 2006) officially announced a significant collaboration between Opsona Therapeutics, an Enterprise Ireland High Potential Start Up Company and Wyeth Pharmaceuticals.

Making the announcement at Trinity College Dublin, Minister Martin said: “I am delighted to be here today to announce a significant collaboration between Opsona Therapeutics, one of Ireland’s youngest biotechnology companies, and Wyeth Pharmaceuticals, one of the world’s largest research-driven pharmaceutical and health care companies.

“Opsona Therapeutics and Wyeth Pharmaceuticals will collaborate to discover and develop new pharmaceuticals to treat inflammatory diseases, including multiple sclerosis and rheumatoid arthritis. The deal has enabled Opsona Therapeutics to effectively double in size to employ 20 professionals in its drug discovery and development teams.

“This collaboration is also a significant boost for the local biotechnology industry and indicates that indigenous biotechnology companies and local Universities, such as Trinity College Dublin, are producing excellent science and technology that is being recognised globally.

“Ireland’s continued growth as a centre for biotechnology will depend on our ability to build new alliances and networks with the global biotechnology sector. I again congratulate Opsona Therapeutics and Wyeth Pharmaceuticals and wish them every success in their work together in future”.

Opsona Therapeutics is a Trinity College Dublin campus company. Enterprise Ireland’s Biotechnology and High Potential Start Up divisions have worked closely with the company from its pre-start-up phase through to working with the academic founders on their patenting, research and commercialisation strategies.

In 2005, Enterprise Ireland provided R&D support to Opsona which is contributing to the development of its two lead compounds discovered by Trinity Professor Kingston Mills. Other investors in this round included Genentech, major US Biotechnology company, Inventages, a Swiss VC and Seroba an Irish based biotechnology-focused VC.

Speaking at the event Dr. Mark Heffernan, CEO, Opsona said; “Today’s announcement is a very significant milestone in our development and it positions Opsona and the work of Irish scientists at the forefront of the global biotechnology industry. As we continue to grow we will continue to explore the opportunities for other collaboration projects which will yield important new therapies and treatments for patients worldwide.”

ENDS

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