New firm will focus on contract pharmaceutical and biopharmaceutical development services.
Progen Pharmaceuticals spun out its manufacturing business as a wholly owned subsidiary, PharmaSynth. “The spin-out of the manufacturing operations is consistent with Progen’s core drug development focus,” points out Justus Homburg, Progen’s CEO. The firm’s lead candidate, PI-88 is in Phase II trials for post-resection liver cancer and melanoma.
“The manufacturing operations have served us very well to date, but with the decision having been made to outsource the commercial supply of PI-88, the time is right to let the manufacturing business develop and grow in its own right under the leadership of former Progen Director of Manufacturing Operations, Leslie Tillack,” adds Homburg.
PharmaSynth will concentrate on contract pharmaceutical development services. The company will be responsible for completing process validation and tech transfer of PI-88 manufacture, which is expected to occur within the next 12 to 18 months.