Research work
 

News archive

5 June 2007 - Second Epidyme Annual General Meeting, 2 pm

The Swan Hotel, Streatley-on-Thames

The Chairman, Dr Len McEwen, welcomed everyone to the meeting.  Apologies had been received from Ms Bradfield, Mr Greenaway, Mrs Markus, Mr Stafford and Dr Yeadon.  Including proxies 88% of the issued share capital was represented at the meeting.

The accounts were approved and Mr David Hobby of David Jones & Co. re-appointed as auditor for the year.

Professor Russell Smith was introduced to the shareholders and he expressed his pleasure at joining the board of the company.

The secretary explained the background to the resolutions requiring a 75% majority to waive transfer restrictions on a gift of shares from McEwen Laboratories and on a pool of shares which would be made available for management incentive options in the next stage of the company‘s growth.  Mr Lee pointed out that in the notice of the meeting the second resolution referring to management incentive shares had not been mentioned.  The secretary admitted that this had been due to an oversight on his part, although as the intention was for options over shares to be granted to incentivise members of the management team, the issue of transfer would not arise for some period.  The two resolutions received unanimous support from those shareholders represented at the meeting.

Simon McEwen explained that the plan for the next phase of scientific research was to perform two pre-clinical studies in models of rheumatoid arthritis and multiple sclerosis.  These studies would use identified peptide sequences as antigens which should enable a much clearer regulatory and manufacturing track to commercialisation and patient benefit.

Professor Smith introduced the business plan.  The company believes it has identified a high calibre individual to take up the role of CEO.  An analysis of the potential for treatments in the field of autoimmunity and in particular MS and RA shows that they are commercially exciting prospects as well as areas of real patient need.  Epidyme‘s approach is novel and has the advantage of the well established safety profile of EPD for allergy.  The business plan requires the company to raise an additional £577,500 by way of new shares and the directors expect these will qualify for investor tax benefits under the Enterprise Investment Scheme.

The secretary explained the position of shareholders with respect to pre-emptive rights.  Since McEwen Laboratories was not in a position to subscribe for its rights under the issue there would be additional shares available for either existing or new shareholders.  Documentation would be sent to all shareholders shortly.

Dr Len McEwen thanked the shareholders for their support and announced that he would step down from the role of Chairman in favour of Professor Smith, although he will remain actively involved as chairman of the Scientific Advisory Board.

Mr Peter Davies proposed a vote of thanks for Dr McEwen’s work and commitment which received universal approval.

Ms Eunice Rose added the thanks of the National Society for Research into Allergy.

The meeting closed at 3pm.

12 October 2006 - Epidyme TVLSN Presentation

The Thames Valley Life Sciences Network (TVLSN) is an network of companies and individuals run by Reading university offering information, events and networking, training and business development opportunities.   On October 12 it held a meeting on Autoimmune Diseases.   Ian McEwen, Epidyme Acting CEO, presented the Epidyme mission and research findings.   The agenda also included a review of clinical experience of treating autoimmune diseases from a consultant from the Royal Berkshire Hospital, Reading, and a speaker from UCB Celltech giving details of Certolizumab pegol, UCB's latest treatment for Crohn's disease which will be licensed shortly.

Here is a link to the Epidyme presentation slides, including early results from Epidyme's latest rheumatoid arthritis pre-clinical trial.

13 May 2006 - First Epidyme Annual General Meeting, 2 p.m.

The Epidyme chairman, Dr Len McEwen, was speaking at a conference in Italy so Andrew Marshall, non-executive director, chaired the inaugural AGM.

CEO Review (Ian McEwen)

2005/6 activities

Epidyme began trading at the end of January 2005.  Two shareholders volunteered to serve as non-executive directors - Peter Davies, who has an IT and project management background and Andrew Marshall, an executive experienced both in a Management Buy-Out and a subsequent sale.

An external review of company plans commissioned from specialist consultants was generally encouraging.  The advice helped to focus responses to patent office enquiries and to design the pre-clinical trial for rheumatoid arthritis.

Patents, trademarks and the associated legal costs of pursuing these have been the company’s major expense.  The trademark status of the name ‘Epidyme’ was granted in Europe and the US.

Progress in patents has been faster than expected.  The British patent covering use of EPD for general autoimmune conditions was granted in October 2005.

The international patent review process concluded in August 2005, requiring us to apply in specific jurisdictions by the end of October.  We have filed applications in the USA, European Union, Japan, Canada, Mexico, China and India, accounting for over 90% of the world current and projected pharmaceutical market.

Epidyme has set up a website and has the rights to both the epidyme.com and .co.uk domains.  In its current form the site is a basic information source, but the content will be expanded as we move forward.

Progress in experimental trials has been slower than hoped.  Initial difficulties in securing suitable source materials were compounded by technical glitches in processing, laboratory equipment failure, and a lengthy wait for assay data on samples.

2006/7 plans

Most operating costs have turned out to be lower than predicted since trial costs were the major single expense expected.  Therefore Epidyme still has the funding in place to complete the major rheumatoid arthritis pre-clinical trial and expects to complete this in 2006.

Epidyme has secured six months of advice from an experienced industry executive funded under the European Union’s Merlin programme to help our business planning for the next phase, and allow us to build networking contacts with individuals who may later join the company, and companies for future partnerships.

It is anticipated that Epidyme will have funds to continue operations through the fourth quarter of 2006.  However, once the principal experimental trial has delivered its results the company will enter an active process of seeking funds.

Resolutions

The directors Dr Len McEwen, Ian McEwen, Simon McEwen, Andrew Marshall and Peter Davies were re-elected unanimously by the shareholders.

Other business

There was then an opportunity for shareholders to ask questions.  Following this the Chairman thanked the shareholders for their attendance, interest and continued support and the meeting was closed at 3 p.m.

19 October 2005 - UK Patent Granted

Epidyme is pleased to announce that the application for a British patent for the use of our methods in treating autoimmune disease has been granted and became effective today.  This grant covers the use of our specific immunomodulation technique not only in rheumatoid arthritis but also in a range of other diseases.  The company is currently pursuing the grant of related applications internationally in major jurisdictions including the European Community, the USA, Japan, China and India.