Nearly a year ago, Paion AG of Germany was struggling to overcome disappointing Phase 3 trial results for its lead compound for stroke, desmoteplase. The compound is a genetically engineered version of a clot-dissolving enzyme found in the saliva of the vampire bat. In preclinical and early human studies, the compound had shown considerable therapeutic promise. But hopes for the drug were dashed in the spring of 2007 when the Phase 3 study failed to show efficacy compared with placebo. As desmoteplase was Paion’s main product, the trial failure left the company dangerously exposed. In less than 12 months, however, Paion negotiated a new licensing deal for desmoteplase, and acquired a small UK company that specialises in treatments for central nervous system disorders. As a result, it has both strengthened its cash position and broadened its drug portfolio.
