In the wake of Unigene’s move to file for Chapter 7 bankruptcy earlier this year, a new biotechnology company has emerged to support research and development, led by some members of Unigene’s management team.
Enteris Biopharma will use its oral drug delivery platform to help drug developers increase the solubility and absorption of peptides and small molecule drugs in the digestive tract and to reduce variability and food effects. It can also provide manufacturing support for clinical trials.
Brian Zietsman, who was the CFO at Unigene, is the president and CFO of Enteris. Among the companies where worked are Reliant Pharmaceuticals which was acquired by GSK in 2007, Enzon Pharmaceuticals and Duff & Phelps. Enteris is backed by Victory Park Capital, a Chicago based hedge fund that was one of Unigene’s backers. VPC acquired Unigene’s biotechnology strategic business unitin a public auction earlier this year after the company was forced to sell its assets.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Dr. Nozer Mehta, the Chief Scientific Officer and Paul Shields, the vice president of operations, held similar positions at Unigene.
Zietsman said it believes its technology is best suited to chronic indications.
Unigene filed for bankruptcy earlier this year when it couldn’t repay outstanding debts of more than $64.2 million owed to VPC and the company’s founders. The move was hastened by a US Food and Drug Administration panel vote to recommend that the regulator no longer support the marketing of products containing the man-made version of the hormone calcitonin that is found in salmon due to a cancer risk. Calcitonin has been used to treat osteoporosis by various drug companies. Unigene used it in a nasal spray called Fortical to treat osteoporosis in post-menopausal women.
