The Norwegian pharmaceutical company Lytix Biopharma has decided to spin out an early-stage project that has potential within the treatment of dementia.

One of Lytix Biopharma's projects has potential within treatment of dementia. This theraputic area is not within the company's commercial strategy, and it has therefore been decided to start a separate company with dementia as a business focus.

The new company, Pharmasum Therapeutics, is founded by Lytix Biopharma with John Sigurd Svendsen as Chief Scientific Officer and Anders Fugelli as CEO. The team also consists of two of Anders Fugelli's former English colleagues from his time at GlaxoSmithKline and a vast network of academic and commercial partners in the development of drugs to treat neurological diseases. Lytix Biopharma will be represented on the Board of Pharmasum Therapeutics by CEO Unni Hjelmaas.

- By spinning out this project which is outside our strategic focus, Lytix Biopharma realizes a potential added value that we do not have the capital, capacity or competence to prioritize. It is our main objective is to focus on clinical projects in immuno-oncology and infection, says CEO Unni Hjelmaas in Lytix Biopharma .

- In the brains of individuals with Alzheimer's disease there are two major signs of the disease; protein deposits outside the nerve cells in the form of amyloid plaques and tangles of hyperphosphorylated protein tau, inside cells. In recent years the focus has been on developing drugs targeting the plaques, but these have not shown efficacy in clinical trials. Scientists and pharma companies are now focusing on the tau protein tangles. Our goal is to develop a drug to normalize these tangles, says CEO of Pharmasum Therapeutics, Anders Fugelli .

For more information:
CEO Unni Hjelmaas in Lytix Biopharma 91519651/unni.hjelmaas @ lytixbiopharma.com
Chairman Knut Eidissen in Lytix Biopharma 91617707/knut.eidissen @ lytixbiopharma.com
CEO Anders Fugelli in Pharmasum Therapeutics 92481432/afugelli @ pharmasum.com