Last modified: Monday, November 6, 2006
IURTC, Marcadia Biotech agree to develop new medical drugs
FOR IMMEDIATE RELEASE
Nov. 6, 2006
BLOOMINGTON, Ind. -- The Indiana University Research & Technology Corp. has signed a licensing agreement with Carmel, Ind.-based Marcadia Biotech to develop medical drugs created in the laboratory of IU Bloomington Chemistry Department Chair Richard DiMarchi.
DiMarchi uses biochemical and proteomics techniques to quicken the discovery of protein drugs that might effectively treat metabolic diseases. He is also a founding member of Marcadia Biotech.
In August 2006, DiMarchi was honored by the Central Indiana Corporate Partnership and Indiana Gov. Mitch Daniels for his ongoing work in transforming a glucagon-like drug into a technology that can be administered quickly and easily via an injector pen to people experiencing diabetic shock. Marcadia Biotech recently received a $2 million 21st Century Research and Technology Award from the Indiana Economic Development Corp. in support of the technology, which is not yet available to patients.
DiMarchi founded PhySci Pharmaceuticals, now Marcadia Biotech, with Gus Watanabe and Kent Hawryluk to develop the glucagon analog into a product fit for human use. Headed by CEO Fritz French, the company is headquartered in Carmel, Ind., with all scientific discovery research taking place in Bloomington.
Marcadia also signed a separate sponsored research agreement with IU Bloomington to provide DiMarchi's work with requisite ongoing support. The agreements between Marcadia Biotech, IURTC and IU Bloomington create a framework for the translation of present and future DiMarchi lab discoveries into useable technologies.
"This licensing agreement and the related sponsored research agreement form the foundation of our efforts to develop novel treatments for metabolic diseases such as diabetes and obesity," French said. "This unique portfolio of technology and intellectual property, together with the experienced management and scientific advisory teams we have assembled, should position us for future leadership in this area."
To speak with Marcadia Biotech CEO Fritz French, please call 317-566-2266 or e-mail email@example.com. To speak with Richard DiMarchi, please contact David Bricker, IU Media Relations, at 812-856-9035 or firstname.lastname@example.org. To speak with IURTC President and CEO Mark Long, please call 317-278-1901 or e-mail email@example.com.