Proacta hires new man for development

By SIMON COLLINS

Auckland University biotech spinout Proacta has hired the vice-president of a San Diego cancer drug company to manage development of its own anti-cancer "prodrugs".

Tasmanian-born Dr Paul Cossum, 51, replaces Proacta's founding chief executive, Aki von Roy, who moved on to another Auckland University start-up, CoDa Therapeutics, after raising $12.7 million for Proacta in June from Roche, Genentech and venture capital funds in New Zealand and Australia.

Cossum will split his time between Auckland and San Diego, where he has been vice-president for drug development for privately owned NewBiotics.

One of the scientists behind Proacta, Dr Bill Wilson, said Cossum's main focus would be on managing relationships with contract research organisations as the company moved towards clinical trials of its compounds.

The company has appointed only one other staff member so far, fellow Australian Nicole Fowler, who has moved to Auckland to be Proacta's drug development manager.

The university's Cancer Research Centre says the $12.7 million phase one funding will fund about six scientists to keep working on the cancer drugs after drug giant Pfizer withdrew support for the centre in April to punish New Zealand for the low prices it pays for new pharmaceuticals.