Press release from Psynova
Psynova Ltd, the spin-out from The University of Cambridge which focuses on the advancement and exploitation of biomarkers for neuropsychiatric disorders, has received a further £250k from investors after reaching agreed milestones.
The funding comes from Porton Capital Ltd (£200k) and Cambridge Enterprise Seed Funds (£50k) as Psynova draws closer to developing diagnostic tests and therapeutic agents for Schizophrenia and Bipolar Disorders as well as other significant neuropsychiatric illnesses.
Included amongst the milestones reached by Psynova, was the generation of at least 10 putative disease biomarkers suitable for clinical testing and drug discovery in the field of psychiatry.
Affecting at least 2% of the population worldwide, Schizophrenia and Bipolar Disorder are major burdens to society, costing hundreds of billions of pounds each year.
Psynova endeavours to revolutionise diagnostic approaches of severe mental illnesses and develop improved and targeted treatment for Schizophrenia sufferers. Currently, diagnosis and prognosis are complex and subjective; drug and treatment regimes are inadequate, largely due to a lack of understanding of pathologies at a molecular level. Psynova intends to address this deficiency through identifying specific biomarkers that can be used in the discovery and development of diagnostics and more effective drugs, for example by improving the effectiveness of clinical trials and by identifying patient sub-groups that are responsive to particular drugs (i.e. personalised medicines).
Dr Paul Rodgers, Chairman of Psynova Ltd commented "We are very pleased with the progress that Psynova is making with the identification of useful biomarkers. We are delighted that the Company's progress has resulted in further funding from our investors".
Bill Matthews, Fund Manager, Cambridge Enterprise Seed Funds, said, "Psynova is making exciting progress in both business and scientific terms. We're looking forward to the next phase in development as the company moves closer to full development of diagnostic tests"
Pysnova Ltd. Psynova is a new company, established in 2005 by Dr Sabine Bahn MD, Ph.D, MRCPsych, and Prof Chris Lowe PhD of the University of Cambridge, for the commercial development and exploitation of novel biomarkers for neuropsychiatric illnesses. Building on 12 years of ground-breaking research by Dr Bahn, Psynova has close links with Bahn’s laboratory within the newly established Centre for Neuropsychiatric Research (CCNR) at the University of Cambridge.
Initially concentrating on Schizophrenia and Bipolar Affective Disorder (previously referred to as manic depression) Psynova intends to longer term, move into related therapeutic areas, such as depression, neurodegenerative disorders and substance abuse, as well as sleep and eating disorders, where it has extensive relevant expertise.
At present there are no validated biomarkers and diagnostics for these disorders, nor are the underlying disease processes understood, meaning symptomatic relief only, from current medications on offer. Psynova intends to address all of these deficiencies.
Porton Capital Ltd. Porton Capital Limited (PCL) is a financial management company focusing on the distribution and management of sophisticated investor funds. As such, PCL provides development capital for technology commercialisation entities. Their three primary areas of specialisation are private equity investment management; promotion of technology commercialisation investment funds; and corporate finance advice in relation to technology ventures. For more information, logon to www.portoncapital.com. Username: media Password: access
Cambridge Enterprise Seed Funds. The Cambridge Enterprise Seed Funds provides funding for early stage businesses that have been founded by researchers at the University. It was established in 2000 with start up funds from the University, the Wellcome Trust, the Gatsby Foundation and the Office of Science & Technology. It is part of Cambridge Enterprise.
Cambridge Enterprise facilitates the commercial development of intellectual property (IP) developed at the University of Cambridge. Cambridge Enterprise is one of the UK’s leading knowledge transfer offices, licensing patents and other IP to existing companies, both large and small as well as to spinouts formed to exploit University technology. For the academic year ending 2005, 40 licences were entered into and income from licensing exceeded £2.7 million. Additionally, consultancy agreements generated £1.5 million. Cambridge Enterprise facilitates the formation of around 30 new companies each year. Further information on Cambridge Enterprise can be found at: http://www.enterprise.cam.ac.uk
Psynova Ltd, the spin-out from The University of Cambridge which focuses on the advancement and exploitation of biomarkers for neuropsychiatric disorders, has received a further £250k from investors after reaching agreed milestones.
The funding comes from Porton Capital Ltd (£200k) and Cambridge Enterprise Seed Funds (£50k) as Psynova draws closer to developing diagnostic tests and therapeutic agents for Schizophrenia and Bipolar Disorders as well as other significant neuropsychiatric illnesses.
Included amongst the milestones reached by Psynova, was the generation of at least 10 putative disease biomarkers suitable for clinical testing and drug discovery in the field of psychiatry.
Affecting at least 2% of the population worldwide, Schizophrenia and Bipolar Disorder are major burdens to society, costing hundreds of billions of pounds each year.
Psynova endeavours to revolutionise diagnostic approaches of severe mental illnesses and develop improved and targeted treatment for Schizophrenia sufferers. Currently, diagnosis and prognosis are complex and subjective; drug and treatment regimes are inadequate, largely due to a lack of understanding of pathologies at a molecular level. Psynova intends to address this deficiency through identifying specific biomarkers that can be used in the discovery and development of diagnostics and more effective drugs, for example by improving the effectiveness of clinical trials and by identifying patient sub-groups that are responsive to particular drugs (i.e. personalised medicines).
Dr Paul Rodgers, Chairman of Psynova Ltd commented "We are very pleased with the progress that Psynova is making with the identification of useful biomarkers. We are delighted that the Company's progress has resulted in further funding from our investors".
Bill Matthews, Fund Manager, Cambridge Enterprise Seed Funds, said, "Psynova is making exciting progress in both business and scientific terms. We're looking forward to the next phase in development as the company moves closer to full development of diagnostic tests"
Pysnova Ltd. Psynova is a new company, established in 2005 by Dr Sabine Bahn MD, Ph.D, MRCPsych, and Prof Chris Lowe PhD of the University of Cambridge, for the commercial development and exploitation of novel biomarkers for neuropsychiatric illnesses. Building on 12 years of ground-breaking research by Dr Bahn, Psynova has close links with Bahn’s laboratory within the newly established Centre for Neuropsychiatric Research (CCNR) at the University of Cambridge.
Initially concentrating on Schizophrenia and Bipolar Affective Disorder (previously referred to as manic depression) Psynova intends to longer term, move into related therapeutic areas, such as depression, neurodegenerative disorders and substance abuse, as well as sleep and eating disorders, where it has extensive relevant expertise.
At present there are no validated biomarkers and diagnostics for these disorders, nor are the underlying disease processes understood, meaning symptomatic relief only, from current medications on offer. Psynova intends to address all of these deficiencies.
Porton Capital Ltd. Porton Capital Limited (PCL) is a financial management company focusing on the distribution and management of sophisticated investor funds. As such, PCL provides development capital for technology commercialisation entities. Their three primary areas of specialisation are private equity investment management; promotion of technology commercialisation investment funds; and corporate finance advice in relation to technology ventures. For more information, logon to www.portoncapital.com. Username: media Password: access
Cambridge Enterprise Seed Funds. The Cambridge Enterprise Seed Funds provides funding for early stage businesses that have been founded by researchers at the University. It was established in 2000 with start up funds from the University, the Wellcome Trust, the Gatsby Foundation and the Office of Science & Technology. It is part of Cambridge Enterprise.
Cambridge Enterprise facilitates the commercial development of intellectual property (IP) developed at the University of Cambridge. Cambridge Enterprise is one of the UK’s leading knowledge transfer offices, licensing patents and other IP to existing companies, both large and small as well as to spinouts formed to exploit University technology. For the academic year ending 2005, 40 licences were entered into and income from licensing exceeded £2.7 million. Additionally, consultancy agreements generated £1.5 million. Cambridge Enterprise facilitates the formation of around 30 new companies each year. Further information on Cambridge Enterprise can be found at: http://www.enterprise.cam.ac.uk
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