15th Jul 2019 10:17
(Alliance News) - Intellectual property company IP Group PLC said on Monday portfolio firm Istesso Ltd has achieved positive results from phase 2a of testing for its rheumatoid arthritis drug.
The 12-week randomised, double-blind and placebo-controlled study was designed to assess how safe its MBS2320 drug is for treating patients with the chronic autoimmune disease. Istesso found the medication was well tolerated by the test's subjects.
The drug, which had positive results from the first phase of testing in 2017, treats the condition by reducing inflammation and encouraging bone and joint remodelling.
Chief Executive of IP Alan Aubrey said: "This is a significant milestone for Istesso. It is also a great example of IP Group's approach of providing long-term support to early-stage therapeutics companies while maintaining a very significant shareholding."
Elsewhere, Ceres Power Holdings PLC, another IP portfolio company, announced on Monday it has signed a two-year collaboration agreement with South Korean firm Doosan Corp.
The deal, worth GBP8.0 million, will see Ceres work with their fellow fuel cell manufacturers to develop a solid oxide fuel cell system for the building market.
Ceres said the deal will allow it access to the South Korean fuel cell industry which it described as a "core target market" for the company.
Ceres Chief Executive Phil Caldwell said: "South Korea is a key market for us given their ambition to be a world leader in hydrogen and fuel cells. Doosan have clearly established themselves as the leader in this sector and are the ideal partner for us to enter into the Korean market."
The deal represents another foray into Asian markets for Ceres following the company's plans to launch a 4.2 kilowatt combined heat and power product in Japan this October.
This financial year, Ceres has also signed agreements with Germany's Robert Bosch GmbH and China's Weichai Power Ltd.
Shares in IP Group were up 0.7% at 70.57 pence each in London on Monday morning. Shares in Ceres also rose on Monday morning, by 5.3% to 184.75 pence each.
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