The studies that would have been presented include a determination of how the therapy works on its target FSTL3 as well as a demonstration that the therapy can restore insulin secretion to diabetic beta cells. Animal studies are underway that hopefully will lead to human trials in the not too distant future.
When Governor Baker instituted the state of emergency in Massachusetts, Fairbanks remained in operation, with reduced staffing and limited contact in the laboratory, with the unfortunate result of decreased rate of progress. However with the recent award of a Payroll Protection Program loan, all Fairbanks employees are back at work, although with a limit of one technician per day to minimize chances of COVID-19 contagion. We are very grateful for the long hours spent by Middlesex Savings Bank to approve, process, and submit our loan application.
Despite our reduced presence during this period, we have continued our work toward a second generation antibody to FSTL3 and initiated a program to develop a monkey version of this antibody, which will fast-track our path to in vivo proof of concept. With this new approach, our diabetes therapy will be a more attractive and de-risked opportunity for investors.
UPDATE 3/11/20: the Endocrine Society has canceled ENDO 2020. Dr Schneyer’s abstract will be published by the Journal of the Endocrine Society; we will publish a link later in the spring when it is available.
If you’re attending this year’s Endocrine Society meeting in San Francisco, be sure to visit with Fairbanks CEO Dr. Alan Schneyer on March 30 at 9:15 AM at the “Entrepreneurship and Industry in Endocrinology” symposium promoting and discussing the entrepreneurial career path for society members. Dr Schneyer will address topics including starting a company to develop a new endocrine-related therapy or technology and funding the company through various stages. The session will be followed by a networking opportunity for additional contact with the speakers.
As highlighted recently in Endocrine News, Dr Schneyer has been promoting entrepreneurism in discussion with trainees at numerous institutions about careers in science. Part of this advocacy has been focused on creating an entrepreneurial track at professional scientific meetings such as the Endocrine Society in which he has been a member for his entire career.
On November 22, 2019 the co-Founders and employees of Fairbanks Pharmaceuticals celebrated the company’s 5th anniversary at a Springfield Thunderbirds hockey game.
Clockwise from upper left: Co-founders Alan Schneyer and Elissa Brown embrace the Thunderbird mascot; Nolan, Alexa and Andre; past and present employees including Danielle; Lara and kids and Melissa; Alden and family.
Here’s to a repeat in 5 years with a larger crowd!
CEO Alan Schneyer said, “We are looking forward to this fantastic opportunity to convey the value of the novel diabetes therapy being developed by Fairbanks. Please join us for the pitch and meet us at RESI!”
Fairbanks welcomes its newest employee Alden Richter to our growing company. Alden is currently a Massachusetts Life Science Center intern and just finished his Master’s Degree Program in Applied Molecular Biology at University of Massachusetts – Amherst. His project for the Master’s program was focused on cloning and expressing canine FSTL3 and he is continuing that work as an intern at Fairbanks. He is also using his biotechnology skills to express recombinant versions of our top candidate antibody therapies.
Alden completed his undergraduate degree in Microbiology at
University of Massachusetts – Amherst in May 2018. Prior to entering college, Alden served in
the US Army as a combat engineer including a tour in Afghanistan.
The addition of Alden will allow us to expand our research
and development of diabetes therapies to include companion animal diabetes
treatments. Cloning dog and cat FSTL3
and expressing protein is the first step in the process and we are excited to
have Alden’s expertise which will accelerate progress on this project.
CEO Alan Schneyer and COO Elissa Brown were busy today working the Innovation Zone at BIO 2019 in Philadelphia, meeting with potential partners and working to raise investment for future development of their technologies.
Fairbanks was able to display in the Innovation Zone because the company was awarded an SBIR grant in 2018. As BIO describes it, the Zone enables “Small Business Innovation Research (SBIR) funded early-stage biotech companies to showcase their cutting-edge technologies, form long-term partnerships, and begin to raise funds in the private sector.”
Boehringer Ingelheim (BI) and the BI Venture Fund have awarded Fairbanks Pharmaceuticals the prestigious 2018 Boston Innovation Prize “Golden Ticket.” The prize recognizes the challenge and dedication it takes to successfully build a new company by supporting the innovation process and celebrating life-science entrepreneurs. The award, worth up to $75,000, includes one year of rent at the LabCentral facility in Cambridge, MA. Dr. Clive Wood, Senior Vice President of Discovery Research at BI, presented the award to Dr. Alan Schneyer, Fairbanks’ CEO.
LabCentral is a first-of-its kind shared laboratory space designed as a launchpad for high-potential life sciences and biotech startups. As a testament to its success, in recent years, LabCentral residents and alumni have raised over two billion dollars, with over $750 million dollars in financing in 2017 alone.
Fairbanks Pharmaceuticals was chosen from a field of ten early-stage bioscience organizations that presented their pitches to a panel of judges. “We are honored to have been selected by BI as the best young biotech company and we greatly appreciate the validation of our idea and approach by such a distinguished pharmaceutical company” said Dr. Schneyer. Dr. Schneyer said that he and his team are excited for the opportunity to locate in Lab Central in Cambridge, the center of biotech entrepreneurism. Fairbanks is also looking forward for the opportunity to work more closely with BI scientists to facilitate development of our lead candidates.
With a Phase II SBIR award in hand, Fairbanks Pharmaceuticals CEO Alan Schneyer and team are moving quickly to execute the project plan and achieve the goals of the grant. At a kickoff meeting at the Baystate Research Facility in Springfield, MA, Fairbanks team members worked on planning activities and enjoyed a celebratory lunch that was joined by their scientific and technical colleagues working in the BRF.
The SBIR grant, entitled “Development Of Novel Diabetes Therapies Based On Neutralizing FSTL3 Activity”, provides a total of $1.8M in funding for two years of research. The immediate focus of this research is to test the lead compound in animal models of diabetes for safety and effectiveness. The remaining goals are to identify the mechanism(s) involved in its beneficial effects and engineering the compound to be a more effective therapeutic in humans.
Fairbanks Pharmaceuticals, Inc. has been awarded a Phase II Small Business Innovation Research (SBIR) grant for $1.83M from the National Institutes of Health.The Phase II SBIR is a highly competitive program that encourages domestic small businesses to engage in Federal Research/Research and Development (R/R&D) that has the potential for commercialization.
Fairbanks was awarded the SBIR grant for its proposal “Development Of Novel Diabetes Therapies Based On Neutralizing FSTL3 Activity” following up from the demonstration of feasibility duringits Phase I SBIR grant awarded in 2016. The Phase II award started in June 2018 and will run for two years.During this time Fairbanks will test its lead antibody in vitro and in two mouse models of diabetes for efficacy in treating diabetes.Another arm of the study will analyze whether this antibody treatment induces regeneration of beta cells through transdifferentiation from alpha cells.
It is anticipated that Fairbanks will be in a position to begin human testing around 2020.With preliminary results obtained as a result of pursuing SBIR funding, Fairbanks is currently in discussion with potential partners to help develop this therapy for human use.