IPO Filing: Sirtris, A Diabetes Biotech

There has been another diabetes treatment-seeker that has filed to come public.  Sirtris Pharmaceuticals has filed for an IPO and it has enlisted JPMorgan, CIBC, Piper Jaffray, JMP Securities, and Rodman & Renshaw as the underwriters.  Its proposed ticker on NASDAQ is "SIRT."

The biopharmaceutical company is focused on discovering and developing oral small molecule drugs to treat diseases associated with aging, including metabolic diseases such as Type 2 Diabetes.  Its drug candidates are designed to mimic certain beneficial health effects of calorie restriction, without requiring a change in eating habits.

Here is how the company describes the progress of its studies straight out of the prospectus: In two Phase 1a human clinical studies, SRT501 was found to be safe and well tolerated. In these studies, SRT501 was administered orally, once daily, to 85 healthy male volunteers for seven days, in order to evaluate safety, dose, tolerability and pharmacokinetics. The trial demonstrated dose proportional drug levels in the blood. All of the reported adverse events were reversible and none were serious. Based on these results and preclinical data, we initiated a Phase 1b study in October 2006 in patients with Type 2 Diabetes who were not on medication for their disease. The Phase 1b trial is designed to evaluate the safety and pharmacokinetics of SRT501 in 90 patients with Type 2 Diabetes using oral administration of SRT501 for 28 days. We have also initiated a similar Phase 1b study with twice daily dosing. We expect data from these studies in the second half of 2007.

Obviously this one has all the proper "buzz category" as it is well known that the effects of diabetes (plus related effects) are the largest medical expense arena in the US.  This will be one to watch for sure, but keep in mind that it is still in its earliest stages and it is highly focused in one specific target.

Jon C. Ogg
March 2, 2007