PVG.L Regulatory News (PVG)

6 Jul 2007 07:00

Ark Therapeutics Group PLC06 July 2007 Ark Therapeutics Group plc Grant of Key European Stroke Patent European patent granted for use of agents that affect the angiotensin-renin system for the prevention and treatment of stroke July 06 2007, London, UK: Ark Therapeutics Group plc ("Ark" or the "Company")today announces that the European Patent Office (EPO) has granted the Company apatent covering the use of agents that affect the angiotensin-renin system forthe prevention and treatment of stroke. The grant triggers a milestone paymentfrom Ark's existing licensee, Boehringer Ingelheim, and may open the way tofurther commercial agreements with other companies in the future. The patent (EP 1 498 124 B1) is confirmed as covering 23 molecules belonging tothe therapeutic classes of angiotensin-converting enzyme (ACE) inhibitors andangiotensin II receptor (ATII) blockers, many of which are in late stagedevelopment or are already being promoted for stroke. The geographic scope ofthe patent comprises the 18 European countries that belonged to the EuropeanPatent Convention in 1998. The European patent will give protection in theapplicable European countries until 2018 and is effective from 1998. Separatepatent applications are under prosecution in a number of other internationalterritories including the USA. In April 2005, Ark signed a licence agreement with Boehringer Ingelheim grantingrights to Ark's intellectual property for the use of its products affecting therenin-angiotensin system. The deal comprised upfront and milestone payments andundisclosed royalties on sales of Boehringer Ingelheim's products for theindication of stroke in all territories in which Ark has secured patentprotection. Further financial details of the agreement have not been disclosed. Dr Nigel Parker, CEO of Ark, commented: "We are very pleased to receive theformal grant of this patent. We have always been excited by the novelty andsignificance of the mitochondrial science supporting the patent, which has nowled to grants in three different indications. We are reviewing the finalwording of the patent with a view to evaluating the commercial licensingpotential beyond our existing deal." For further information: Ark Therapeutics Group plc Tel: + 44 (0)20 7388 7722Dr Nigel Parker, CEOMartyn Williams, CFO Financial Dynamics Tel: +44 (0)20 7831 3113David YatesAnna Keeble About Ark Therapeutics Group plc Ark Therapeutics Group plc is a specialist healthcare group (the "Group"),addressing high value areas of unmet medical need within vascular disease, woundcare and cancer. These are large and growing markets, where opportunities existfor effective new products to generate significant revenues. With two marketeddevices, Kerraboot(R), and Flaminal(R), and three further lead pharmaceuticalproducts in late stage clinical development: Cerepro(R), VitorTM, and Trinam(R),the Group is transitioning from an R&D company to a commercial, revenuegenerating business. Ark's existing products are sourced from related but largely non-dependenttechnologies within the Group and have been selected to enable them to be takenthrough development within the Group's own means and to benefit from Orphan DrugStatus and/or Fast Track Designation, as appropriate. This strategy has allowedthe Group to retain greater value and greater control of clinical developmenttimelines, and to mitigate the risks of dependency on any one particularprogramme or development partner. Ark has secured patents or has patentapplications pending for all its lead products in principal pharmaceuticalmarkets. Ark has its origins in businesses established in the mid-1990s by Professor JohnMartin and Mr Stephen Barker of University College London and Professor SeppoYla-Herttuala of the AI Virtanen Institute at the University of Kuopio,Finland, all of whom play leading roles in the Company's research anddevelopment programmes. Ark's shares were first listed on the London Stock Exchange in March 2004(AKT.L). This announcement includes "forward-looking statements" which include allstatements other than statements of historical facts, including, withoutlimitation, those regarding the Group's financial position, business strategy,plans and objectives of management for future operations (including developmentplans and objectives relating to the Group's products and services), and anystatements preceded by, followed by or that include forward-looking terminologysuch as the words "targets", "believes", "estimates", "expects", "aims","intends", "will", "can", "may", "anticipates", "would", "should", "could" orsimilar expressions or the negative thereof. Such forward-looking statementsinvolve known and unknown risks, uncertainties and other important factorsbeyond the Group's control that could cause the actual results, performance orachievements of the Group to be materially different from future results,performance or achievements expressed or implied by such forward-lookingstatements. Such forward-looking statements are based on numerous assumptionsregarding the Group's present and future business strategies and the environmentin which the Group will operate in the future. Among the important factors thatcould cause the Group's actual results, performance or achievements to differmaterially from those in forward-looking statements include those relating toArk's funding requirements, regulatory approvals, clinical trials, reliance onthird parties, intellectual property, key personnel and other factors. Theseforward-looking statements speak only as at the date of this announcement. TheGroup expressly disclaims any obligation or undertaking to disseminate anyupdates or revisions to any forward-looking statements contained in thisannouncement to reflect any change in the Group's expectations with regardthereto or any change in events, conditions or circumstances on which any suchstatements are based. As a result of these factors, readers are cautioned not torely on any forward-looking statement. This information is provided by RNS The company news service from the London Stock Exchange