Date: Mar 03, 2015 Author: Tracey Drury Source: bizjournals (
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A new $2 million investment from an Indian pharmaceutical company should be the final boost needed for a Buffalo biotech research firm.
Photolitec LLC, a spin-off from Roswell Park Cancer Institute, finalized the funding deal this week with AMI Organics Pvt. Ltd., a worldwide pharmaceutical manufacturer based in Gujarat in western India.
Ravindra Pandey, Photolitec's founder, said the investment should be the final piece of financing needed to allow the company to begin clinical trials and commercialize its specialized photosensitive compounds, which kill cancer cells when exposed to light through photodynamic therapy (PDT).
"This will move the technology forward," said Pandey, who also serves as director of pharmaceutical chemistry at Roswell Park Cancer Institute and a member of its Photodynamic Therapy (PDT) Center.
Scott Friedman, co-founder of the firm and managing partner at Lippes Mathias Wexler Friedman LLP, said the partnership with AMI will also provide access to its expertise in drug development, marketing, research and commercialization.
"For Photolitec, its an extraordinary opportunity," he said. "This is an opportunity for a Roswell spin-off company to collaborate with one of the world's great pharmaceutical companies. AMI's headquarters is in India, but their business spans the world."
AMI will help to commercialize the drugs through the new joint venture to be called AMI Onco Theranostics.
Officials from India told Business First they were impressed with the technology's ability to kill cancer cells located deeper within the body, versus more superficial therapies currently available. The company's lead compounds allow surgeons to image the tumors using fluorescence and/or nuclear (PET) imaging, after which they can better target only the cancer cells, versus attacking healthy cells.
"Photolitec's technology is far advanced from what we have now," said Girish Chovatia, chairman and managing director of AMI Group, the parent of AMI Organics. "Conventional therapies have more limitations."
Naresh Patel, technical director at AMI, said that's especially helpful for oral cancers, which are especially prevalent in India.
"The product has a very good efficacy toward oral cancer, which is very important for us," he said. "In surgery, we're not able to 100 percent remove the cancer, and recurrence is very high. This product when available can save time and provide more advantages to patients in that they will not suffer more related to operations and can be cured very quickly."
Photolitec was formed in 2010 when Pandey spun off the technology.
Since joining Roswell Park in 1990, Pandey's research has secured funding exceeding $50 million, including federal funds through the National Institutes of Health and private investors. The company has operated from offices at Roswell Park, but will move April 1 into leased space at Cleveland BioLabs on High Street.
Additional private funding for Photolitec's work included a $5 million investment from Zhejiang Hisun Pharmaceutical Co. Ltd., a Chinese pharmaceutical group, which made its final payment last year.
Zhejiang Hisun retains licensing rights for China, Taiwan, Hong Kong and Singapore; while AMI will control licensing for the U.S., Canada, Europe and India.
The funds support two main compounds: a positron-imaging tomography (PET) agent to treat cancer; and Photobac, which will be used for treating head and neck cancer and glioblastoma brain tumors either alone or in combination with surgery. Photolitec is now preparing an investigational new drug (IND) submission to the Food & Drug Administration for Phase I human clinical trials. Roswell Park is expected to be one of the trial sites.
Dr. Robert Fenstermaker, chairman of neurology at Roswell Park, serves on the scientific advisory board and has helped advise on the Photobac product development. The biggest problem with brain cancer, he said, is even if you remove the tumor, there are always cells left behind that can develop into another tumor six months later. Using Photolitec's technology, the surgeon can illuminate the cavity once the tumor has been removed, expose it to light and kill the remaining cells.
"The tumor recurs within one to two centimeters or half an inch of where the surgery stops because there's this microscopic sprinkling of cells," he said. "Photodynamic therapy has the potential to kill those cells at the time of surgery so there's a lot of interest in that kind of technology."
Manufacturing will likely take place in India, but the business office and distribution will be handled from Buffalo.
Other local companies will likely benefit as well, including Quad Pharma, which is doing formulation work; Roswell Park; and WNY Imaging Group, which is expected to participate in the trials for the PET imaging.
Dr. Joseph Serghany, medical director at WNY Imaging and a member of Photolitec's scientific advisory board, said the technology helps minimize collateral damage to healthy cells caused by current technologies. He compared it to targeting a dozen dandelions individually, versus spraying an entire front lawn to tackle a weed problem.
"We're extremely lucky in Buffalo to have someone like Ravi," he said. "This is a game-changer."
