Proacta’s lead compound, PR104, has entered Phase 2 clinical trials. This is an exciting milestone for the company. After showing signs of activity in early Phase 1 clinical trials – which establish how much of the drug can safely be administered, PR104 is now being evaluated in Phase 2 trials to test its efficacy for both liver cancer and lung cancer. These trials are being conducted in New Zealand, Asia, Canada, and the US. Results should be available by mid-2010.

No 8 Ventures co-led the Series A investment in Proacta five years ago, basing its investment decision on the increasing evidence that hypoxia (shortage of oxygen) is important in solid tumours and the world-leading intellectual property in this area developed by scientists at the University of Auckland and Stanford University, which formed the basis for the company.
For more, see www.proacta.com

At the Asian VC Journal Sydney conference a week ago, there was a lot of talk from the hard-pressed private equity guys – who have lost their bank leverage – about the great buying opportunities in the market now.  However, the real opportunity has to be in the venture capital end of the market, which never had any leverage and is busy building the companies of tomorrow.  The advice given to investors at the conference: If you have the resources, seek out:

• Emerging managers
• New strategies
• Less competitive markets

Sounds like No 8 Ventures!

Here’s Jenny’s quick take on venture capital in NZ from Radio NZ nine to noon.