CoDa Therapeutics scoops first Deal of the Year

CoDa Therapeutics scoops first NZBio Deal of the Year Award

Auckland biotech firm CoDa Therapeutics has received the inaugural NZBio Deal of the Year Award, in recognition of the company’s outstanding success over the past 12 months. The award was announced at the annual NZBio Conference Dinner in Auckland on Monday 12 March 2007.

“This is the first year that NZBio has bestowed an award for Deal of the Year and we were very impressed by the level of interest as well as the diversity of entries in this new category. We received nominations from across the biotech spectrum; from human health and nutrition to mergers and fundraising to cancer therapy,” NZBio’s CEO Brian Ward says.

CoDa Therapeutics has developed two novel platforms for tissue repair; Nexagon™ for topical application to wounds, and Peptagon™ which is being developed for systemic delivery and the treatment of stroke, cardiac ischemia and inflammatory diseases.

Over the past year CoDa has formed a strategic alliance with a US partner, Mr Brad Duft, who has become the company’s president and CEO, established a base in San Diego, and raised significant venture capital funding for its drug development work. Together, these factors have enabled CoDa to move forward very rapidly in a relatively short space of time.

To date, CoDa Therapeutics has raised $US20M in Series A venture capital funding with Domain Associates and GBS Venture Partners. NexagonTM could be commercialised by 2010, with potentially large economic benefits to New Zealand through royalties.

“Entries were judged on five criteria, the first of which was the financial impact of the deal,” Mr Ward adds.

“Secondly, the deal’s strategic importance to New Zealand was considered, and how it will help strengthen the company overall. The next measure was barriers overcome, or any obstacles that were dealt with before the deal could be successfully completed. Judges also considered teamwork, and how the cooperative efforts of several individuals helped achieve the end result.

“And finally persistence. Long time frames are one of the hallmarks of the biotech sector and it could be said that patience and perseverance are prerequisites for any aspect of this industry. CoDa stood out because of several factors, including the persistence of Dr Colin Green over a number of years to take this technology forward, the first round fundraising of US$10 million, which is substantial even by US standards, and the company’s plans to run the first clinical trials in New Zealand.

“We congratulate Dr Green and his colleagues at CoDa Therapeutics on receiving this inaugural award. Their hard work and achievements have deservedly won the New Zealand biotech sector’s recognition.”

ENDS

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