The University of Glasgow has sold its shares in Cara Therapeutics for $4m.

The biotechnology company, which is based in the US, and focuses on novel treatments for chronic pain had previously traded shares in exchange for the licence of Professor Graeme Milligan’s Dimerscreen trademarked technology.

Professor Milligan, Gardiner Chair of Biochemistry and Dean of Research for the College of Medical, Veterinary and Life Sciences, is also a scientific advisor to the company, who have recently made substantial advances in the treatment of the chronic dialysis itching condition, pruritus.

Cara Therapeutics Chief Executive Officer Dr Derek Chalmers, is also a University of Glasgow alumnus.

The university will use more than £1m of the proceeds from the sale to invest into ongoing work in Professor Milligan’s laboratory, as well as other research priorities in the College of Medical, Veterinary and Life Sciences.

Professor Milligan said: “I am delighted that the research technology we developed and licenced to Cara Therapeutics has resulted in such a large financial gain for the university, and also provided further investment into my lab.’

“It’s a positive story about the impact that basic research can have, not only in the world of business, but also in illustrating how such underpinning scientific studies can have translational reach and can act as an investment for the university and create future investment into your own research efforts.

“It also highlights that all researchers should consider the potential utility and broader applications of their ongoing research and whether the intellectual property inherent in their work should be protected."

 

First published: 25 May 2017

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