NeuroScientific Biopharmaceuticals recruits Paradigm’s Paul Rennie as non-executive chairman
Health & Biotech
Health & Biotech
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The appointment is a substantial win for NeuroScientific given Rennie’s impressive track record in the ASX biotech sector.
Rennie is best known for leading Paradigm since its listing in late 2015 to a 1,470 per cent gain in market capitalisation from $30 million at IPO to $470 million.
His resume includes numerous drug development projects and clinical trials as well as a stint serving as Chief Operating Officer of Mesoblast (ASX:MSB).
He replaces interim chairman Dr Anton Uvarov who will remain as Executive Director.
Rennie says he was honoured and excited to join the company and confident this company could be on the verge of something special.
“The NSB people who I have met or I know are best in class. Great people coupled with the exciting EmtinBTM technology, in indications that have high unmet medical needs, means this company has all the ingredients of being a very successful Australian biotech company,” he said.
“I am looking forward to the next stage of the company’s development as EmtinBTM moves into Phase 1 clinical trials in the second half of 2021.
“I look forward to my journey with NSB and appreciate this exciting opportunity”.
EmtinBTM is Neuroscientific’s lead drug candidate and it is a synthetic version of a human regenerative protein which can inhibit cell death and mediate neuroinflammation.
The planned Phase 1 trial will mark the first time it has been tested in humans but animal trials have shown positive results.
Work in pigs by the Physiology and Pharmacology department at the Lions Eye Institute shows it can reduce damage to RGC axons, the nerve fibres that connect the eye to the brain.
The company is also developing EmtinB™ as a treatment for Alzheimer’s disease and multiple sclerosis — both neurodegenerative conditions that affect the central nervous system.
It follows on from the recent FDA approval of the Alzheimer’s treatment developed by US company Biogen. The FDA’s decision marked the first approval of a treatment for the underlying disease (rather than symptoms) in 18 years. And in the context of that breakthrough regulatory development, NeuroScientific is enthusiastic about the disease-modifying potential that EmtinB has demonstrated to date.
Looking ahead, the company is planning to begin Phase 1 trials of its EmtinB™ treatment for neurodegenerative conditions before the end of this year.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.