Growcorp Establishes Drug Delivery & Biotechnology Company
01/03/2004
Adaptív Biopharma Limited (“Adaptiv”) is a company established by Growcorp to facilitate the acquisition and licensing of a number of technologies from Elan Corporation, plc, including technologies for the oral delivery of poorly permeable and biotech compounds. These technologies were under development at Elan’s Biotechnology Research (EBR) Centre in Dublin. Founded in Dublin, Ireland in 2003, Adaptív is a speciality drug delivery and biopharmaceuticals company, with a portfolio of advanced and emerging drug delivery technologies. Its mission is to create better medicines to fill unmet clinical needs and it has 40 patent families and 100 invention disclosures.
Adaptív strategy is to apply its proprietary drug delivery technology portfolio to optimise existing therapeutics and to advance emerging therapeutics coming from the pharmaceutical, biopharmaceutical and biotechnology industries. The new company will retain the research and development of new products in Ireland, and has already established its business development headquarters in North Carolina, USA.
Adaptív has a sustainable, scalable and proven business model with predictable earnings and recurring revenues, operating in a €24 billion industry sector. The company has multiple market-ready, advanced oral drug delivery technologies with several significant products already proven in human clinical trials. It also has a research pipeline of novel tissue targeting drug delivery technologies providing future product solutions for the oral delivery of CNS drugs and vaccines.
Frank Ryan, Chief Executive Officer of Enterprise Ireland said: "The commercialisation of research and development is a key element in the creation and expansion of globally competitive Irish companies. In the case of Adaptív, Growcorp has developed an innovative approach to funding proof of concept. Such innovative approaches towards commercialisation from within industry are to be particularly welcomed.
Dr Maurice Treacy, Director of Biotechnology in SFI commented, "We are delighted that the EBR Centre which Élan established in 1993 will continue its operations in Ireland, under Adaptív BioPharma Ltd. As Ireland grows its biotechnology sector, it is vital that commercial ventures, like Adaptív are in place to springboard the development of businesses from SFI funded research. This initiative by Growcorp is a significant step for Ireland in the support of our long term goals for the biotechnology sector."
Growcorp was the first private sector company in Ireland with an investment fund to offer proof of concept funding specifically targeted at the bioscience sector. Growcorp manages the €25M European Bioscience Fund. Growcorp has an experienced management team with successful international experience in technology, life sciences, investment, marketing and business development. The Growcorp Group team works with entrepreneurs to get their businesses from start-up to commercial reality. Growcorp has established strategic alliances with US bioscience advisory companies and a US bioscience fund manager. In addition to opening up the US funding market for later funding rounds, these alliances expand the scope of the advisory services that Growcorp can offer to its investee companies.
