Montreal, QC, Canada, January 13, 2014 / B3C newswire / – TVM Life Science Ventures VII today announced the fund’s third investment – GLWL Research Inc., a company based in Montreal, Quebec. GLWL Research Inc. plans to develop, to proof-of-concept, GLWL-01, an investigational compound originally discovered by Eli Lilly and Company with the potential to treat Type-2 Diabetes.
“The management team of GLWL Research Inc. is delighted to have the opportunity to collaborate with the TVM Capital Life Science team in progressing GLWL-01 to clinical proof-of-concept,” said Caroline Fortier, CEO of GLWL Research Inc.
Type-2 Diabetes is a disease in which the pancreas does not produce enough insulin, or the individual’s body does not properly use the insulin it makes. Nearly one quarter of a billion people worldwide are living with this disease1, with another 6.3 million developing the disease each year2. Life expectancy for people with Type-2 Diabetes may be shortened by 5 to 10 years1.
“TVM Capital Life Science is proud to have helped play an important role in creating GLWL Research Inc., and in securing the rights to GLWL-01. This transaction is a testament to the benefits of our investment model,” said Marc Riviere, M.D., General Partner with TVM Capital Life Science and Board member of GLWL Research Inc. “Furthermore, we are pleased to collaborate with Caroline Fortier and Mark Cipriano, who will act as CEO and CFO respectively for GLWL Research Inc. Caroline has had a fruitful career in the life science industry, including with Montreal-based Biochem Pharma; Mark is a well-known CFO in the industry.”
This is the third investment for TVM Life Science Ventures VII, a venture capital fund domiciled in Montreal QC which follows a new, capital-efficient investment approach to developing pharmaceutical assets to human proof-of-concept in single-asset companies. TVM Life Science Ventures VII is a unique collaboration between TVM Capital Life Science and Lilly to finance and access innovation beyond the company’s walls and as a way to manage risk and share reward.
GLWL Research Inc. will leverage its extensive product development expertise to potentially bring GLWL‑01 to human proof-of-concept. If and when proof-of-concept is reached, Lilly will have an option to acquire the molecule.
“Lilly’s alternative risk-sharing strategy has allowed us, together with other investors, to support the creation of project-focused companies in the Capital Funds portfolio,” said Darren Carroll, Lilly’s vice president of Corporate Business Development.
“Beyond their investment in the fund, Lilly’s relationship with TVM Capital Life Science makes their clinical-development expertise available to the resulting project-focused companies, including GLWL Research Inc., which will support these companies’ efficiency and cost-effectiveness in reaching clinical proof-of-concept,” said Marc Riviere.
Elaine Sullivan, Lilly’s vice president of Global External R&D, added, “Diabetes is a key therapeutic area for Lilly, given our strong legacy and expertise in this area. TVM Life Science Ventures VII is an important part of our strategy as we strive to discover innovative medicines in multiple therapeutic areas of great unmet need, including diabetes.”
About TVM Capital Life Science
TVM Capital Life Science is providing venture capital to the international pharmaceutical, biopharmaceutical and medical technology industries with more than 25-years of transatlantic investment track record and in excess of US$1.1bn under management. The life science team boasts more than 120 investments and almost 90 exits in the last 25 years, including more than 40 initial public offerings on all major U.S. and European stock exchanges, and combines long-standing international investment and company building experience with their track record of dedicated board work, extensive global networks in the world of life science research and product development and a direct knowledge of the local markets. TVM Capital Life Science currently invests from its 7th fund generation, TVM Life Science Ventures VII, with an integrated team of investment professionals. Fund generations III to VI are managed by Managing Partners, Dr. Helmut M. Schühsler and Dr. Hubert Birner out of the Munich office. The new fund TVM LSV VII is advised by Dr. Hubert Birner and Dr. Luc Marengere out of Montreal. www.tvm-capital.com or www.tvm-lifescience.com
About TVM Capital
TVM Capital is a group of globally acting venture capital and private equity firms with an operating track record of 30 years. Investment teams have financed more than 250 emerging companies across several industries since 1984. During the last 15 years the firm has become increasingly specialized in the most attractive and high-growth verticals in the broader healthcare markets, with focus areas in financing innovative products and technologies in the European and U.S. biopharmaceutical and medical device markets, as well as healthcare services in the Middle East and India. TVM Capital funds operate globally with dedicated Life Science venture capital funds advised by group members TVM Life Science Management in Montreal and TVM Capital in Munich, and its healthcare private equity fund managed by TVM Capital MENA out of Dubai.
This press release contains forward-looking statements about TVM Life Science Ventures VII and Lilly’s investment in a pre-clinical stage compound for the indication of T2DM being developed by GLWL Research Inc. It reflects Lilly's and TVM’s current beliefs; however, as with any such undertaking, there are substantial risks and uncertainties in the process of drug development. There is no guarantee Lilly will realize the expected benefits of the transaction, that the product will receive regulatory approval, or if approved, would be commercially successful. For further discussion of these and other risks and uncertainties, please see Lilly's latest Forms 10-Q and 10-K filed with the U.S. Securities and Exchange Commission. The companies undertake no duty to update forward-looking statements.
About GLWL Research Inc.
GLWL Research Inc. is a special purpose company created to develop one compound. The project is fully financed by TVM Life Science Ventures VII. To date GLWL-01 has completed non-GLP tox studies and is poised to begin GLP tox studies and file an Investigational New Drug (IND) application in Q1-2015. If the IND is approved, GLWL-01 will be tested in single ascending dose study in healthy male volunteers and, if appropriate, in a multiple ascending dose study eventually leading to a clinical proof of concept (POC) in T2DM patients. GLWL Research Inc. is funded by TVM Life Science Ventures VII and is led by an experienced management team.
TVM Life Science Ventures VII (GP) Ltd.
11-15 Seaton Place,
St Helier, Jersey
JE4 0QH, Channel Islands
TVM Life Science Management Inc.
2 Place Alexis Nihon, Suite 902
3500 Blvd De Maisonneuve West, Westmount,
Montréal, QC H3Z 1X5 Canada
For additional information, please contact:
- Canadian Diabetes Association: The prevalence and costs of diabetes fact sheet http://www.diabetes.ca/documents/about-diabetes/PrevalanceandCost_09.pdf
accessed January 3, 2014
- Canadian Diabetes Association: http://www.diabetes.ca/diabetes-and-you/what/prevalence/
accessed January 3, 2014