Protemix takes major biotech stride

In a double whammy, the biopharmaceutical company Protemix is appointing a new chief executive and will base him in the United States.

Larry Ellingson, a former Eli Lilly executive who is chairman of the American Diabetes Association, will replace Protemix founder Professor Garth Cooper, who is broadening his role to become president and chief technical officer of the University of Auckland-based firm.

Ellingson will be based at a new Protemix office in San Diego, a world centre for biopharmaceuticals.

He will focus on developing commercial relationships, in particular seeing Laszarin, the company's lead compound, through its phase-three (human) trials for the treatment of heart failure in people with diabetes.

This is a big step on to the world biotech stage. Protemix will operate jointly in New Zealand and the US.

Cooper said this was an example of a New Zealand company reaching out to collaborate with the US on a topic of great importance to both countries.

He established the company more than 10 years ago, and said its scientific base would remain in Auckland.

Laszarin trials are expected to start early next year and, if successful, the drug has the potential to reach a worldwide market of more than two million people with diabetic heart failure.