Kaneq Bioscience was created for developing a protein tyrosine phosphatase1B (PTP-1B) inhibitor, designed for treating type 2 diabetes mellitus.
Kaneq Pharma CEO Daniel Bouthillier said other approaches targeting PTP-1B have shown efficacy in the clinic but oral small molecules have remained elusive.
"Our compound has promise as an orally active insulin sensitizer that can be paired with existing therapies," Bouthillier added.
Biotechnology company Kaneq Pharma is involved in developing early stage compounds for metabolic diseases and cancer.