Edinburgh, United Kingdom; 12th December 2022
Fitabeo Therapeutics has ‘spun-out’ from the University of Strathclyde with ambitious plans to address some of society’s most pressing healthcare challenges within chronic pain and women’s health.
The Edinburgh-based clinical-stage specialty pharmaceutical company develops and commercialises innovative medicines focusing on indications where existing treatments are inadequate for the target population to provide better health outcomes. It deploys innovative technologies to develop medicines that are expected to enable decentralised patient care and provide significant healthcare savings.
Scottish Enterprise recognized the company as one that is poised to take Scottish science to the global stage. It supported the company via its High Growth Spin-out Programme, which helps university teams turn their innovative ideas into commercially successful high-growth businesses. Fitabeo Therapeutics continues to receive extensive funding and advisory support from Scottish Enterprise, including a recent SMART innovation grant.
The University of Strathclyde spin-out company, has been supported by Strathclyde Inspire, the University’s entrepreneurship initiative.
Mallikarjun Chityala, Founder and CEO said: “We are excited about the opportunity to deploy breakthrough innovation to address some of society’s most pressing challenges and improve access to medicines across all age groups. Fitabeo Therapeutics’ portfolio will play a significant role in reducing the treatment burden by enhancing patient autonomy and medication adherence. We are grateful to have received phenomenal support from the Scottish entrepreneurial ecosystem.”
“We are also pleased to have Jodi Devlin joining our board as Chair. Jodi brings a wealth of experience in pharmaceuticals and a broad industry network that will enhance the evolution of Fitabeo Therapeutics and help accelerate the development and commercialisation of assets working closely with the board.” Ms. Devlin has over 30 years of experience as a leader in pharmaceutical companies ranging from large global pharmaceutical organisations to biotech startups. Most recently, Ms. Devlin was CEO of AltaThera Pharmaceuticals. She has also held executive-level roles at Abbott, Baxter, and Mallinckrodt Pharmaceuticals.
“It’s an exciting time to join the Fitabeo team. I look forward to supporting bold growth strategies to bring innovation to the pain market. Pain remains one of the largest, global therapeutic areas, especially in patients with terminal illnesses. In a recent ten-year study, Dana Farber Cancer Institute discovered there is worsening pain management for patients with terminal cancer. Not only is chronic pain debilitating, but there also continues to be a high unmet need.” said Jodi Devlin, Chair of Fitabeo Therapeutics.
Dr Olga Kozlova, Director of Innovation and Industry Engagement at the University of Strathclyde said: “We are proud to have supported Fitabeo Therapeutics from the outset. It’s a great demonstration of how academic research can be translated into innovation with the potential to have a real global impact on people’s health and wellbeing.”
Leah Pape, Head of High Growth Services at Scottish Enterprise, said: “We recognised the huge potential of Fitabeo Therapeutics at a very early stage so it’s great to see the company continue to grow and thrive. Sadly, chronic pain and women’s health represent great areas of medical need, but with our support, Fitabeo is developing solutions to address the challenge of delivering improved quality of life for patients as well as showcasing Scottish innovation on the global stage.”
Fitabeo Therapeutics is a clinical-stage specialty pharmaceutical company develops and commercialises innovative medicines focusing on indications where existing treatments are inadequate for the target population to provide better health outcomes. It deploys innovative technologies to develop medicines that are expected to enable decentralised patient care and provide significant healthcare savings.
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Follow us on LinkedIn at www.linkedin.com/company/fitabeo/
Scottish Enterprise
Scottish Enterprise (SE) is Scotland’s national economic development agency and a non-departmental public body of the Scottish Government. It supports businesses to innovate and scale to transform the Scottish economy by focusing on new market opportunities through targeted investment, innovation, and internationalisation.
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Strathclyde Inspire
Strathclyde Inspire (SI) actively pursues the beneficial societal and environmental impact which flows from having an entrepreneurial mindset – and from the creation of sustainable businesses.
Our highly qualified and experienced team of research scientists complement usage of breakthrough technologies to complement knowledge and know-how of world renowned key opinion leaders to bring innovative medicines to patients. We focus on indications where existing treatments are inadequate for the target population thereby providing better healthcare outcomes.
For further information, visit www.strath.ac.uk/workwithus/strathclydeinspire
