Calgary biotech moving to Vancouver, going public

A new Calgary-based biotech focused on diabetes and hypertension will go public later this month in a reverse takeover with a local junior mining company ...

Xortx founder Allen Davidoff

A new Calgary-based biotech focused on diabetes and hypertension will go public later this month in a reverse takeover with a local junior mining company and relocate to Vancouver.

Xortx Pharma Corp. – a biotech startup whose management team has ties with Vancouver’s Cardiome Pharma Corp. (TSX:COM) – is focused on treating hypertension, insulin resistance and diabetes-related kidney disease with a reformulated drug – Xorlo – a variation of which has been used to successfully treat gout.

The company hopes to raise $6 million to $9 million through a reverse takeover involving African Queen Mines Ltd. (TSX-V: AQ) in late June or early July. The money is to help pay for clinical trials.

Xortx founder Allen Davidoff said he plans to relocate the company to Vancouver, in part because that is where African Queen is located, although Davidoff also has ties here.

“Vancouver has a wealth of life science professionals, capital market folks who understand the life sciences theme and a biotech research infrastructure that’s very attractive,” Davidoff said.

Davidoff was a senior scientist with Cardiome before he moved to Calgary and founded his own company, Stem Cell Therapeutics Corp. – now Trillium Therapeutics Inc. (TSX: SSS).

Co-founder Alan Moore is also a former Cardiome scientist, as are two other members of the Xortx management team.

Xorlo is a reformulated drug based on the primary chemistry of a drug that is already approved for gout.

One of the things gout has in common with hypertension, insulin resistance and diabetes-related kidney disease is high levels of serum uric acid, Davidoff said. It is believed that Xorlo can be used to lower those levels to treat three types of diseases. However, the company will focus first on hypertension.

nbennett@biv.com

@nbennett_biv

comments powered by Disqus

Also Read

More From Innovation

Fipke moved to make donation after long-time friend Bill Bennett diagnosed with the disease

Read Article

Rogers Communication has hired a Vancouver company to develop an app fans can use as they watch games — a trend other local developers are ...

Read Article

Innovation

How I Did It: Sheila Bouman

By Sept. 30, 2014, midnight

Former teacher successfully moved from the classroom to the boardroom

Read Article

Innovation

Hootsuite capital boosted

By Sept. 26, 2014, 3:32 p.m.

Tyler Orton talks on Global BC about the boost to Hootsuite's capital ahead of a possible IPO for the social media company 

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

×