News & Articles

Verva Pharmaceuticals - Biotech Australia

Verva Announces Appointment of Professor Michael Cowley to its Board of Directors

Geelong, Australia (11th November, 2009).  Verva Pharmaceuticals Ltd. today announced that Professor. Michael A. Cowley, Director of the Monash Obesity & Diabetes Institute, has joined the Company’s Board as a non-executive Director.  Professor Cowley is a Victorian Endowment for Science, Knowledge and Innovation (VESKI) Innovation Fellow and a Pfizer Senior Research Fellow for 2009.  Recently Professor Cowley was awarded the prestigious Commonwealth Science Minister’s Prize for Life Scientist of the Year.

Professor Cowley has extensive experience in the discovery and development of therapies to treat metabolic diseases and the repurposing of existing medicines as therapies for obesity and diabetes. Professor Cowley was a founder and Chief Scientific Officer of California-based Orexigen® Therapeutics, Inc. (NASDAQ: OREX) and a scientist in the Division of Neuroscience at the Oregon National Primate Research Center of the Oregon Health & Science University.  During his tenure at Orexigen® the company advanced a combination product (Contrave®)* to successful phase 3 clinical testing as an obesity therapy with a second product (EmpaticTM)* completing phase 2 testing.

Professor Cowley joins Verva’s Board just as the Company brings its first product, VVP808, into clinical development.  VVP808 is a repurposed medicine which acts as an insulin sensitiser in animal models

 ”We are delighted and privileged to have a person with such extensive academic and commercial experience join the Verva Board”, stated Dr Ian Nisbet, Verva’s Chairman.  “Michael’s insights will be invaluable in effectively advancing VVP808 as a diabetes therapy.”

Professor Crowley commented, “Verva is an exciting company with a novel approach to the treatment of diabetes and I am pleased to have the opportunity to contribute to the development of the company and its products.”

* Contrave® and EmpaticTM are registered trademarks of Orexigen® Therapeutics, Inc.

About Verva Pharmaceuticals Ltd.
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity.  Verva’s lead product VVP808 is a non-thiazolidinedione insulin sensitiser entering phase 1b/2a clinical safety and efficacy testing in type 2 diabetes.  VVP808 was previously approved in North America in an unrelated indication.  Its unexpected anti-diabetic activity was identified using Verva’s proprietary GES discovery platform.  Verva’s pipeline includes: (i) an accelerated discovery program developing next-generation diabetes therapies based on VVP808 structure and mode-of-action and (ii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation.  Further information can be found on the company’s website www.vervapharma.com.

 

Verva Announces Buy Back of Ordinary Shares

Geelong, Australia (6th November, 2009).  Verva Pharmaceuticals Ltd. (“Verva” or the “Company”) today announced a voluntary, share buy back plan under which it offers to purchase Verva ordinary shares for the price of AUD 0.01 per share.  This offer is being made to all holders of ordinary shares in Verva and is subject to the terms and conditions contained in the Buy Back Agreement and accompanying documentation mailed to holders of Verva ordinary shares on the 5th November, 2009.

The Verva share buy back is an equal access offer available to all the holders of ordinary shares in the Company.  The maximum aggregate number of shares which may be bought back by Verva is equal to ten percent (10%) of Verva’s total ordinary shares on issue.  The deadline to respond to the share buy back offer is the 27th November, 2009; however, this may be extended at the discretion of the Verva Board.

Verva was de-merged from ChemGenex Pharmaceuticals Ltd. in December, 2007 as a public but unlisted company.  At the time of the de-merger, ChemGenex shareholders received an in specie allocation of Verva ordinary shares.  Since Verva is not listed on a public exchange, there has been no formal mechanism by which Verva shareholders can trade their shares.  Verva has received numerous enquiries by shareholders seeking opportunities to trade their shares and the Company is now pleased to provide this opportunity to do so if they wish.

More details of the share buy back offer can be obtained at the Verva website www.vervapharma.com.

About Verva Pharmaceuticals Ltd.
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity.  Verva’s lead product VVP808 is a non-thiazolidinedione insulin sensitiser entering phase 1b/2a clinical safety and efficacy testing in type 2 diabetes.  VVP808 was previously approved in North America in an unrelated indication.  Its unexpected anti-diabetic activity was identified using Verva’s proprietary GES discovery platform.  Verva’s pipeline includes: (i) an accelerated discovery program developing next-generation diabetes therapies based on VVP808 structure and mode-of-action and (ii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation.  Further information can be found on the Company’s website www.vervapharma.com.

Verva Announces License of Key FGFR Intellectual Property to Isis Pharmaceuticals, Inc. for the Treatment of Obesity and Other Diseases

Geelong, Australia (20th August, 2009).  Verva Pharmaceuticals Ltd. and Isis Pharmaceuticals Inc. (NASDAQ: ISIS) today announced the completion of an agreement providing Isis an exclusive license to Verva’s intellectual property rights targeting the Fibroblast Growth Factor Receptor (FGFR) with antisense technology for the treatment of diseases, including obesity and other metabolic disorders.  Isis also obtains a right of first refusal to license Verva’s intellectual property rights targeting FGFR with mechanisms other than antisense, such as small molecule and antibody technologies.  Verva received an undisclosed upfront payment and is eligible for future milestone payments and royalties.

The Verva technology was invented at the Princess Alexandra Hospital, University of Queensland, Australia in the laboratory of Professor Johannes Prins and was further developed in a discovery collaboration between Adipogen Pharmaceuticals Ltd. (acquired by Verva) and Isis.  The intellectual property licensed to Isis relates to the antisense inhibition of gene targets in the FGFR pathway and includes the family of FGF receptors 1-4 and other biological targets that have been associated with obesity.

Verva CEO Vince Wacher commented: “We are very pleased to enter into this licensing agreement with Isis and thereby advance our anti-obesity technology with the leader in antisense drug development.  Inhibition of the FGFR pathway has been shown to prevent fat cell formation in human cells in vitro and in animal models and could offer a number of promising antisense targets for obesity and other diseases.  We believe that Isis’ robust drug discovery technology makes them the perfect partner to efficiently develop drugs targeting this promising pathway.”

“We look forward to continuing our collaborative relationship with Verva and adding Verva’s intellectual property related to the FGFR pathway to our broad intellectual property estate.  This license and our collaborative partnership with Verva are examples of our commitment to honor innovation and license patents that we feel are relevant to our research efforts,” said Sanjay Bhanot, M.D., Ph.D., Vice President Metabolic Disorders and Translational Medicine of Isis.  “Already in preclinical studies we have demonstrated that antisense inhibition of FGFR4 lowers body weight and can improve insulin sensitivity in animal models of disease.  Our antisense technology is uniquely suited to elucidate gene functions and pathways, and we look forward learning more about this important pathway.”

Isis presented results from its animal studies of antisense molecules against FGFR4 at the American Diabetes Association’s 69th Scientific Sessions in New Orleans in June.

About Verva Pharmaceuticals Ltd.
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity.  Verva’s lead product VVP808 is a non-thiazolidinedione insulin sensitiser entering phase 1b/2a clinical safety and efficacy testing in type 2 diabetes.  VVP808 was previously approved in North America in an unrelated indication.  Its unexpected anti-diabetic activity was identified using Verva’s proprietary GES discovery platform.  Verva’s pipeline includes: (i) an accelerated discovery program developing next-generation diabetes therapies based on VVP808 structure and mode-of-action and (ii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation.  Further information can be found on the company’s website www.vervapharma.com.

 

Verva Contact:

Vince Wacher

CEO

USA: +1 (760) 271-4783

Australia: +61 (448) 871 479

e-mail: vwacher@vervapharma.com

Verva Announces AUD 2M Financing and Results of Annual General Meeting

Geelong, Australia (17th June, 2009).  Verva Pharmaceuticals Ltd today announced the completion of a $2 million (AUD) financing by current investors GBS Venture Partners Ltd, Queensland Biocapital Funds Pty Ltd and Uniseed, along with new investors Westscheme Pty Ltd and MTAA Superannuation Fund (Companion Funds) Private Equity Investments Pty Ltd.  The investors were issued dividend-bearing Class A preference shares with associated redemption rights and liquidation preferences.

Verva CEO Vince Wacher noted: “We are very pleased to have completed the financing in this difficult economic climate and we are very gratified by the continued support and enthusiasm of our investors.”

The funding will be used to undertake phase 1b/2a clinical proof-of-concept testing of Verva’s diabetes therapy VVP808.  Clinical data are expected Q2/3 2010.

The Series A investment was approved by shareholders at Verva’s Annual General Meeting on the 29th May, 2009.  At this meeting shareholders also:

(a)        accepted the Company’s financial statements and reports;

(b)        confirmed Andrew Baker, Greg Collier, Andrew Macdonald and Ian Nisbet as Directors; and

(c)        approved changes to the Verva constitution that (i) permit holders of 10% or more of the voting share capital of Verva to nominate a representative to the Verva Board; and (ii) entitle holders of Series A preference shares to vote at any meeting on an “as converted basis”, giving them the same voting rights as the ordinary shareholders.

Further details of these resolutions are available on the Verva Pharmaceuticals website http://www.vervapharma.com/investors/notices-and-reports/.  Copies of the reports given at the AGM by the Chairman and the CEO are also available on the company website.

About Verva
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity.  Verva’s lead product VVP808 is a non-thiazolidinedione insulin sensitiser entering phase 1b/2a clinical safety and efficacy testing in type 2 diabetes.  VVP808 was previously approved in North America in an unrelated indication.  Its unexpected anti-diabetic activity was identified using Verva’s proprietary GES discovery platform.  Verva’s pipeline includes: (i) an accelerated discovery program developing next-generation diabetes therapies based on VVP808 structure and mode-of-action and (ii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation.  Further information can be found on the company’s website www.vervapharma.com.

Verva Pharmaceuticals Ltd. Annual General Meeting

Geelong, Australia (8th May, 2009). Verva Pharmaceuticals Ltd. (”Verva“; ACN 074 636 847) is pleased to announce that the Annual General Meeting of Verva shareholders will be held on Friday 29th May, 2009 at 11:00 am in the offices of Middletons Lawyers, Level 25, 525 Collins Street, Melbourne, Victoria, Australia.

Meeting materials, proxy form and Verva’s 2008 Annual Report have been mailed to shareholders and are also available on the Verva Website.

CEO Panelist at GTCbio Metabolic Diseases Summit

Verva CEO an Invited Panelist at the GTCbio 4th Annual Metabolic Diseases World Summit

Geelong, Australia (31st October, 2008).  Verva Pharmaceuticals Ltd. announced today that CEO Vince Wacher will be an invited panelist in the “Partnering and Licensing” panel discussion at the GTCbio 4th Annual Metabolic Diseases World Summit.  The panel will be moderated by Mike McCully, Senior Manager at Deloitte Recap LLC.  Other confirmed panelists are Dr. Robert Knowles, Senior Director, Worldwide Business Development, Pfizer, Inc. and Dr. David Glass, Director, Technology Transfer, Joslin Diabetes Center.  The panel discussion will take place at 5:00 pm US EST on Thursday 6th November, 2008 at Le Meridien Hotel in Cambridge, Massachusetts.  Conference details can be found at www.gtcbio.com.

About Verva
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity.  Verva’s lead product VVP808 is a non-thiazolidinedione insulin sensitizer entering phase 1b/2a clinical safety and efficacy testing in type 2 diabetes.  VVP808 was previously approved in North America in an unrelated indication; its unexpected anti-diabetic activity was identified by Verva using the MRU-developed GES platform.  Verva’s pipeline includes: (i) an accelerated discovery program developing next-generation diabetes therapies based on VVP808 structure and mode-of-action; (ii) expansion of the GES platform to discover new types of optimized diabetes therapies; and (iii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation.  Further information can be found on the company’s website www.vervapharma.com.

Contact

Vince Wacher

CEO

USA: +1 (760) 271-4783

Australia: +61 (448) 871 479
e-mail: vwacher@vervapharma.com

Grant received to advance GES discovery platform

Verva Scientific Collaborators Receive Australian Government Grant to Advance GES Diabetes Discovery Platform

Geelong, Australia (27th October, 2008). Verva Pharmaceuticals Ltd. (“Verva”) today announced that its scientific collaborators at the Metabolic Research Unit of Deakin University (”MRU”) have been awarded a National Health and Medical Research Council (”NH&MRC”) Project Grant to further evaluate the clinical application of Verva’s Gene Expression Signature (”GES”) diabetes discovery platform.

The NH&MRC Project Grant entitled “Stratification of Insulin Resistance” provides AUD 329,250 over 3 years to characterize different subtypes of insulin resistance using the GES technology.  This is expected to enable clinical use of the GES to classify diabetes patients into different disease sub-groups; thereby facilitating discovery and development of patient-specific medicines and optimized diabetes treatment regimens.

Verva CEO Vince Wacher stated: “We are very pleased that the NH&MRC has recognized the exceptional quality of the MRU research team and the potential utility of the GES technology.  We look forward to applying the research outcomes to the discovery and development of optimized diabetes medicines that significantly improve diabetes therapy”.

Dr. Ken Walder, Deputy Director and Operational Manager of the MRU stated: “This is important recognition from the NH&MRC of the quality of the research being conducted in the MRU, and the novelty of the GES approach”.  The Chief Investigators on the grant are MRU scientists Dr. Nicky Konstantopoulos, Dr Juan Carlos Molero-Navajas and Dr. David H. Segal (now at Cytopia Ltd.) and Dr. Jeremy B. Jowett of the Baker IDI Heart Institute.

About Verva
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity.  Verva’s lead product VVP808 is a non-thiazolidinedione insulin sensitiser entering phase 1b/2a clinical safety and efficacy testing in type 2 diabetes.  VVP808 was previously approved in North America in an unrelated indication; its unexpected anti-diabetic activity was discovered using the MRU-developed GES platform. Verva’s pipeline includes: (i) an accelerated discovery program developing next-generation diabetes therapies based on VVP808 structure and mode-of-action; (ii) expansion of the GES platform to discover new types of optimised diabetes therapies; and (iii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation.  Further information can be found on the Company’s website www.vervapharma.com.

About the Gene Expression Signature Platform
The GES diabetes discovery platform is a target- and mechanism-independent screen that measures the impact of a test molecule on a “fingerprint” of 7-13 genes that are modulated when diabetic cells are rendered healthy by treatment with a cocktail of anti-diabetic medications.  The GES allows identification of diabetes therapies that modulate multiple disease-related pathways and are anticipated to have improved, more sustainable efficacy that “single pathway” modulators.  The GES varies with the cell type used and the means by which it was made diabetic, providing a flexible discovery tool that can be used to discover medicines optimized to different diabetes aetiologies.

Contacts
Verva Pharmaceuticals Ltd.
VInce Wacher, CEO
USA: +1 (760) 271-4783
Australia: +61 (448) 871 479
e-mail: vwacher@vervapharma.com

Metabolic Research Unit, Deakin University
Ken Walder, PhD
Deputy Director and Operational Manager
tel: +61 (3) 5227 2547
e-mail: ken.walder@deakin.edu.au

Pipeline Update

Verva’s on-going mode-of-action studies have recently shown that our lead clinical product VVP808 is a new class of insulin sensitiser that also appears to decrease hepatic glucose production. Verva’s business development discussions have identified significant market interest in new insulin sensitisers without the side-effects of the currently-marketed thiazolidinediones.  In addition to lowering blood glucose, VVP808 also causes modest weight loss in obese diabetic mice.  If this weight loss translates to the clinical setting, then VVP808 will provide a value-added health benefit along with improved glucose control.

Verva has an active discovery program to identify potent next-generation molecules based on VVP808 structure and mode-of-action.  This process has been accelerated by a collaboration with Eidogen-Sertanty, Inc. (San Diego, California) who employed their computer models to compare the 3-dimensional (i.e. target binding) structure of VVP808 to 1.4 million compounds in the Eidogen Sertanty database.  Thirty molecules discovered from this screen have since been evaluated in vitro and Verva has identified 5 new scaffolds for continued evaluation and potential development.

Verva continues preclinical evaluation of both our fat reducing technologies.  Key data demonstrating the ability of FGFR modulators to both prevent and reverse obesity in diet-induced obese mice were presented at the American Diabetes Association 68th Scientific Sessions in San Francisco, 2008 (Yu XX et al. Decreased Adiposity and Improved Insulin Sensitivity in Obese Mice after Suppression of Hepatic and Adipose Tissue FGFR4 Expression.  Abstract 1708-P).