THE University of Glasgow has netted $4 million (£3.1m) from the sale of its stake in Cara Therapeutics, a US biotech company focused on novel treatments for chronic pain.
The institution had acquired its shares in the company in exchange for the licence to the trademarked Dimerscreen technology, developed by professor Graeme Milligan, Gardiner chair of biochemistry and dean of research for the College of Medical, Veterinary and Life Sciences.
More than £1m of the sale proceeds will be invested in ongoing work at professor Milligan’s laboratory, as well as other research at the college.
The academic is a scientific advisor to Cara Therapeutics, which is said to have recently made notable advances in the treatment of pruritus, the chronic dialysis itching condition.
Professor Milligan said: “I am delighted that the research technology we developed and licensed 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.”
Derek Chalmers, the chief executive of Cara Therapeutics, is a graduate of the University of Glasgow.
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