For sale: a stake in vampire bat company

Click to follow
The Independent Online

A biotech company whose new anti-stroke drug was inspired by the blood-sucking vampire bat is set to float on the Frankfurt stock exchange.

A biotech company whose new anti-stroke drug was inspired by the blood-sucking vampire bat is set to float on the Frankfurt stock exchange.

Scientists at Paion believe they have copied a protein in the bat's saliva which stops its victim's blood from clotting, allowing it to feed for up to half an hour. The protein is the basis for a drug to thin the blood of patients who have had a stroke caused by clots in the brain. The company believes that, if administered within nine hours, the drug could help combat the effects of a stroke.

Paion is raising up to €70m (£48m) from institutional investors in Europe to fund proof-of-principle studies for its drugs. It is expected to have a market value after the fund-raising of between €165m and €210m.

Paion licensed the protein technology in 2000.

Comments