A pioneering tissue repair drug discovered by a scientist at The University of Auckland working in collaboration with a colleague at University College London is one step closer to commercialisation, thanks to US$10 million of venture capital funding.

The funds will allow CoDaTherapeutics (NZ) Ltd, a spin out of the University’s Faculty of Medical and Health Sciences, to advance clinical trials for Nexagon™, a topical biologic for treating wounds.

"Currently, most wound care drugs have unsuccessfully tried to stem the large genetic cascade that occurs when cells are damaged," says Dr Colin Green, the University’s W&B Hadden Professor of Ophthalmology and Translational Vision Research who co-founded CoDaTherapeutics with Dr David Becker from London. "Our approach limits the damage caused when neighbouring cells talk to each other, and results in reduced inflammation and scarring in the surrounding tissue."

The first trials will be for damage to the eye. "Damage to the eye, caused by surgery or mechanical injury, is a serious problem; build up of scar tissue as a result of damage can cause vision defects and we need to get rapid closing of the wound to prevent infection and reduce pain. Nexagon has been shown to drastically diminish the long term effects of damage by containing the injury response and allowing wounds to heal faster."

CoDa Therapeutics Inc, through its successful Series A financing with Domain Associates in the US, will fund the clinical development of Nexagon with CoDaTherapeutics (NZ) Ltd contracted to carry out the first clinical trials in New Zealand. CoDaTherapeutics (NZ) will continue research and development of the Nexagon™ platform, and is developing a second platform for systemic delivery of another biologic for the treatment of stroke, heart attack and inflammatory disease.

"This is a terrific step for CoDa," says Mr Will Charles, General Manager, Technology Development of Auckland UniServices Limited, the University’s commercialisation company. "Drs Green and Becker and their colleagues here in Auckland and in London have done tremendously well to develop Nexagon to the point where it can go to clinical trial along with quality international backing. This is another example of University research having the potential to address real health needs while generating new wealth for the New Zealand economy. UniServices looks forward to a long and successful collaboration with CoDa."

"This is a great endorsement of the innovative research coming out of New Zealand and CoDaTherapeutics (NZ) Ltd is very pleased to see its first platform moving into clinical trials," continues Dr Green. "The company is particularly pleased to be working with the quality team assembled by CoDa Therapeutics, Inc. CEO Mr Brad Duft. This will add to the rising base of knowledge and experience in New Zealand with regard to the growth and development of biotechnology companies, and related clinical trials. CoDaTherapeutics (NZ) Ltd’s links to The University of Auckland and New Zealand government agencies such as New Zealand Trade and Enterprise have been a significant component in the company’s success."