Danish pharmaceutical company Rheoscience, which focuses on obesity, diabetes and related metabolic disorders, has gained DKK 10 m (USD 1.8 m) to finance the first part of a phase III trial of its drug candidate balaglitazone for the treatment of type 2 diabetes. Philip Just Larsen, director of Rheoscience says:
"We are close to initiating a sizeable trial, and with a bit of luck we will give the first dose to a patient before the end of this month. We are initiating the trial because we aim to make our diabetes drug candidate a more interesting investment object for a partner." The first part of the phase III trial involves 400 patients, but Larsen expects to test the drug in 3000 people.
Rheoscience is collaborating with the Indian company Dr. Reddy's, which produces the drug, while Rheoscience handles the trials. "It is a drug that will be prescribed in general practice and that requires a full scale sales force, which we cannot build up ourselves. So we would like to licence it out to a partner," says Larsen, who reckons the company could be ready to file for an approval by the start of 2010.
Rheoscience was founded in March 2002 as a spin-off from the Center for Clinical and Basic Research. The company is based near Copenhagen, and has an office in Bangalore, India. The news was reported by national daily newspaper Jyllands-Posten.