TVM Life Science Ventures VII Announces Investment in GLWL Research Inc.
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|Monday, 13 January 2014 15:00 (UTC + 1)|
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
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.