Profile Therapeutics

How we help our clients to grow their business

Background

Profile Therapeutics was a UK-based healthcare company that developed and manufactured nebulisers for delivering aerosolised drugs to the respiratory system of patients. Nebulisers have been used widely for the treatment of respiratory diseases such as asthma and cystic fibrosis, but Profile Therapeutics had identified a broader market. The company has now been acquired by a large multi-national company.

The issue

Since its inception in 1977 the business had grown through a combination of developing its own nebuliser technology and distributing the products of others. The directors decided that the company should invest significantly in new technologies; in particular, in an innovative, ‘intelligent', adaptive aerosol system that had the potential to administer drugs much more quickly than had previously been possible, and to administer a much wider range of drugs to the respiratory system of patients. The drugs which could be administered included asthma drugs, antibiotics, human growth hormone and insulin. However, bringing the product to market would require the further development of new nebuliser technology, development and licensing of pharmaceuticals for delivery by the new system and specialist marketing, all of which required a substantial financial investment.

In order to secure the necessary funds, and to support further growth of the business, they decided to list the company on the London Stock Exchange.

The solution

In preparation for the flotation, a series of reports was commissioned for inclusion in a prospectus detailing the company's history, assets and strategy. As part of this process, Withers & Rogers were asked to write a report on the company's IP portfolio, consisting of patents, trade marks and designs.

This was a major undertaking. We began by identifying each of the inventions for which patent applications had been filed, and referenced them to specific current or future products; we also assessed the validity of the patents, carrying out a detailed review of the prior art. In all this meant assessing 11 inventions, with around 100 associated patents worldwide.

The outcome

Profile Therapeutics achieved a very successful flotation and raised sufficient funds for them to bring their new nebuliser design to market, and to develop pharmaceutical compositions for use in their new device. The success of the business was subsequently recognised by Respironics Inc who subsequently acquired the company.

The adaptive aerosol system went on to become the first advanced nebulizer system to be approved by the US Food and Drug Administration for use in combination with a novel inhaled therapy for the treatment of pulmonary hypertension.

What the client says

"The thorough review and assessment of Profile Therapeutics' intellectual property by Withers & Rogers and the subsequent detailed report that they wrote for the flotation prospectus was an important part of our business's flotation on the London Stock Exchange. We were able to raise sufficient funds in the flotation exercise to develop our new technology and market it. Our new technology and the patent position that Withers & Rogers helped us to build up made the business sufficiently attractive that it was subsequently acquired by a US corporation."

John Denyer, then CTO of Profile Therapeutics

"We have used Withers & Rogers for over 10 years. The patenting of Intellectual Property for a company such as ours is absolutely critical in securing value for our shareholders. It is expensive process but quality does not come cheaply."

James Barder, Chief Executive Officer, Futura Medical