Drug discovery company and Cambridge University spin-out, Biotica Technology, has gone into administration. Based at Chesterford Research Park, the company has been working on polyketides, drug-like molecules produced by micro-organisms in soil, with the aim of finding new treatments for deadly diseases.
Chris McKay and Andrew McTear of McTear Williams & Wood were appointed joint administrators yesterday. They are working with the directors to save the company or sell it.
Chris McKay said: “We became involved late last year after the company hit cashflow problems resulting from a licensing dispute with a drug development partner. He added: "Eight people were made redundant in November and now only three are left.”
Biotica, was established in 1996 based on the research of two Cambridge University professors. Since then it has grown through a series of collaborations into a successful drug discovery and development company. In October 2012, Biotica announced a partnership with California based Delos Pharmaceuticals to develop polyketide therapeutics in aging-related diseases. The deal involved an exclusive license to Biotica’s rapamycin analogue program which includes drug candidates for SLE and other diseases.
Biotica’s most promising drug candidate is BC556 a highly potent inhibitor of hepatitis C. Significant interest has been shown by a number of parties in acquiring BC556 to develop it further and the administrators say they are confident of a positive outcome.
To date, around £15 million has been invested in the business.
Cambridge Evening News
9 January 2013