New biopharm company formed to advance potential Parkinson's therapy

May 10, 2016

Melior Discovery Inc. said Tuesday it has completed the formation of its second therapeutic area-focused pharmaceutical company.

The company, Melior Pharmaceuticals II in Exton, Pa., will focus on developing a new therapy for Parkinson’s disease.

Melior DIscovery CEO Andrew Reaume

Melior Discovery Inc., also of Exton, has transferred all of its intellectual property related to MLR-1019, a therapeutic candidate for Parkinson’s disease, into the new company.

The spinoff of the asset and its associated intellectual property, according to company officials, provides several benefits to Melior Discovery and its investors by creating an entity with which new investors and partners can form business relationships that are “unencumbered” by the other assets and operational activities of Melior Discovery Inc.

Founded in 2005, Melior Discovery focuses on repositioning and finding new uses for older therapeutic products.

MLR-1019 was available in the former Soviet Union for psychiatric indications, but was withdrawn from the market when its manufacturer discontinued operations.

“We are very enthusiastic about the promise that MLR-1019 holds for benefiting Parkinson’s patients,” said Andrew Reaume, CEO of Melior Discovery. “The formation of Melior Pharmaceuticals II will expedite our activities toward initiating clinical development.”

Melior Discovery previously established Melior Pharmaceuticals I, to developing a new candidate for type 2 diabetes. The product, MLR-1023, is in midstage clinical testing.

John George covers health care, biotech/pharmaceuticals and sports business.

http://www.bizjournals.com/philadelphia/news/2016/05/10/new-biopharm-company-formed-to-advance-potential.html