7 replies to this topic

[hormoneman]

We're one step closer!

NEWS - Longevity Pharma Firm Sets IPO

Sirtris seeks drug to mimic effects of near starvation.
March 2, 2007

By Ken Schachter

Sirtris Pharmaceuticals, a much heralded startup company that aims to beat age-related diseases by developing drugs that mimic the effect of near starvation, has filed to go public.

The Cambridge, Massachusetts, company said Thursday it plans to raise $60 million in an initial public offering with J.P. Morgan Securities leading a team of underwriters that includes CIBC World Markets, Piper Jaffray, JMP Securities, and Rodman & Renshaw

The search for a fountain of youth predates even the apocryphal tales of Spaniard Juan Ponce de León and his exploration of present-day Florida in 1513. Advances in fighting age-related diseases, however, are expected to draw keen interest from baby boomers nearing retirement age.

Sirtris, which has drawn more than $80 million in venture financing, has been at the vortex of a publicity storm about advances in anti-aging research, with a series of stories in The Wall Street Journal plus lengthy coverage in Fortune and elsewhere.

The company’s research has centered on resveratrol, a substance that occurs naturally in red wine. Researchers say resveratrol appears to offer the gain without the pain, providing benefits associated with calorie restriction without intense dieting.

Sirtris’ chief executive and co-founder, Christoph Westphal, is a former venture capitalist. Investors include Polaris Venture Partners, TVM Capital, Cardinal Partners, Skyline Ventures, Three Arch Partners, The Wellcome Trust, Bessemer Venture Partners, Novartis Bioventures Fund, Cargill Ventures, Genzyme, QVT Fund LP, Cycad Group, Hunt Ventures, Red Abbey, and Alexandria Real Estate Equities.

As of December 31, the company had about $50 million in cash and cash equivalents.

Targeting Diseases

In a government filing, Sirtris said it planned to apply the IPO proceeds to develop SRT501, its proprietary formulation of resveratrol, for Type 2 diabetes and new compounds that appear to activate the same enzymes as those targeted by resveratrol.

The company says that its enzyme research could lead to drugs targeting diseases including cancer and metabolic, cardiovascular, and neurological diseases.

In a 2006 paper published in the journal Cell, resveratrol was found to bulk up mitochandria, which powers living cells.

The firm would trade on the Nasdaq under the symbol SIRT. © 1993-2006 Red Herring, Inc. All rights reserved.

[niner]

With all the hype surrounding Sirtris, it seems to me that the IPO would open sky high, then drift down. (What's the saying... Predictions are hard, especially about the future?) It will probably bounce around some, but eventually it will sink in that Sirtris isn't going to make money for a number of years, and that will put people off. Or it will be another GOOG... Here's another prediction: Sinclair will lose the clapped out Honda and get an Audi R8. (If anyone deserves it, he does.) I have no idea how to make money on this stock.

[niner]

Sirtris seeks drug to mimic effects of near starvation.

I like the tagline. You know, like so teenage girls can get the fashionable emaciated look without actually having to binge and purge. Or whatever it is they do.

[lucid]

Hmm... as soon as they get a good product, i'm going to buy some stock.

[Anthony_Loera]

"its proprietary formulation of resveratrol" ....

I believe they really need a product before they go IPO, otherwise it's only going to get money for a marketing campaign of an existing product many of us have. Also, just to clear things... "Unique formulations" unless pateneted are 'easily copied' and many patented formulations really don't offer the protection we usually see in patents for other products. In Formulation patents what is being patented is ... how many mgs of this, and how many mgs of that and be very specific about it... but you can't do a blanket patent to say "all Resveratrol formulated with Quercetin" or something like that.

For example, Sirtis comes in and says... we have a patent on formula that basically states that each of our capsules contains "500mg of Resveratrol and 10mg Quercetin". I will tell you now, that I will simply go and create a formula with "500mg Resveratrol, and 12mg(or 9mg) of Quercetin" have a great price for my customers and marketed "Compare against sirtis brand".

Unless Sirtis has an ace up there sleeve, you might as well go "Generic" if you know what I mean...

At this point, I believe the money will be used for a big Marketing blast, not really for research...

If they go IPO without a product, I am sure that is what the money will be used for.

Anthony
From some company that sells Resveratrol

[niner]

"its proprietary formulation of resveratrol" ....

Anthony, I think that they are referring to a prodrug, not a formulation as we normally think of it. I haven't seen the structure of SRT-501, but I suspect that it is 4'-OAc resveratrol, which avoids much of the conjugation problem. It supposedly gets into cells and is then converted back to resveratrol by intracellular esterases. If that's what 501 is, it is entirely patentable. To call it a "formulation" is sloppy language on the part of whoever wrote the press release or article, IMHO.

[Karomesis]

I believe they really need a product before they go IPO,

SRT501 is the blockbuster they're betting on.

I had a PDF of the study and similarities to resveratrol, needless to say it's supposed to be many times more powerful.

does anybody have the study? I think it was on a subscription based journal site.

[Anthony_Loera]

Anthony, I think that they are referring to a prodrug, not a formulation as we normally think of it.  I haven't seen the structure of SRT-501, but I suspect that it is 4'-OAc resveratrol, which avoids much of the conjugation problem.  It supposedly gets into cells and is then converted back to resveratrol by intracellular esterases.  If that's what 501 is, it is entirely patentable.  To call it a "formulation" is sloppy language on the part of whoever wrote the press release or article, IMHO.

Ahh, if what you say is correct then the process is definitely patentable, I presume this falls under FDA IND regulations and studies will be established.

Sounds interesting

Anthony