Capstone Therapeutics and LipimetiX have formed LipimetiX Development , a joint venture (JV), to develop drugs that are used to treat indications of lowering blood cholesterol levels.

The JV will develop a family of Apo E mimetic peptides licensed from The UAB Research Foundation (UABRF).

Under the JV agreement, Capstone will contribute $6m, while LipimetiX will contribute its existing license agreement with UABRF related to Apo E mimetic peptides AEM-28 and analogs.

LipimetiX CEO Goldberg said the joint development program with Capstone will target safety and proof of the significant non-HDL cholesterol reduction characteristic of the drug.

'' The initial indication will focus on patients with genetic mutations that limit their ability to control cholesterol with statins and other drugs,'' Goldberg added.

Capstone executive chairman Jock Holliman said Dennis Goldberg and his colleagues are proven, successful drug developers and AEM-28 has been well-characterized as a preclinical candidate. ''Cardiovascular drugs targeting cholesterol reduction represent a large market (at approximately $30 billion in worldwide revenue) and feature chronic treatment modalities...this is a highly valued drug class,'' Holliman added.

As part of development plan,the JV intends to implement an initial development plan to file an IND and pursue FDA approval under Orphan Drug designation of AEM-28.

AEM-28 is a 28 amino acid mimetic of Apo E that contains a domain that anchors into a lipoprotein surface while providing the Apo E binding domain.

Apolipoprotein E is a 299 amino acid protein, which plays a key role in lipoprotein metabolism.