Angle Share News (AGL)

LONDON (Dow Jones)--Angle PLC (AGL.LN), an international venture management company focusing on the commercialization of technology and innovation, Friday announces strong progress with NeuroTargets, its 25% portfolio company specializing in the relief of neuropathic pain, with the Wellcome Trust agreeing second phase funding of a further GBP3.8 million. MAIN FACTS: -NeuroTargets has licensed its intellectual property in relation to neuropathic pain therapeutic molecules to the University of Bristol, who have used that background IP to successfully raise further funds to advance the galanin program (galanin is a protein used by nerve cells to communicate with each other). -Wellcome Trust provided first phase funding of GBP540,000 for a research project at the University of Bristol to investigate these small molecules entitled "Wellcome Trust Seeding Drug Discovery Interim Award GBP540,000 to Prof David Wynick Drug development and optimization of novel allosteric modulators of the second galanin receptor subtype (GalR2) for neuropathic pain". -Wellcome Trust have now agreed a second phase funding of a further GBP3.8 million for the research project at the University of Bristol bringing the total funding to GBP4.3 million. -The second phase funding is intended to complete the pre-clinical work over the next two years to allow the small molecules to enter human trials. -If this work is successful, the small molecules can then be licensed to a major pharmaceutical company for clinical trials as a therapeutic for neuropathic pain. -NeuroTargets has through Professor Wynick's research also progressed investigation of the use of galanin molecules for Multiple Sclerosis (MS) and Alzheimer's disease (AD) and has had positive pre-clinical results. -The MS results were published in the prestigious scientific journal PNAS (Proceedings of the National Academy of Sciences of the United States of America) on Sep. 8, 2009. -The results of this early stage research suggest that galanin could potentially have future therapeutic implications for MS. -NeuroTargets has submitted applications for patents over the use of galanin molecules for the treatment of MS and AD. -Shares closed Thursday at 24.3 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires July 16, 2010 02:31 ET (06:31 GMT)