PVG.L Regulatory News (PVG)

3 Nov 2005 07:01

Ark Therapeutics Group PLC03 November 2005 Ark Therapeutics receives €2.19 million grant for new manufacturing facility in Finland Largest ever grant awarded to biotechnology company by TE-Centre London, UK, 3 November 2005: Ark Therapeutics Group plc ("Ark") announces todaythat it has been awarded a grant of €2.19 million to support the Company'sinvestment in a new GMP manufacturing facility (MT4) in Kuopio, Finland. Thegrant is from The Employment and Economic Development Centre of Finland ("TE-Centre") and is believed to be the largest awarded to the Biotech-PharmaIndustry by the TE-Centre since its foundation in 2000. Ark currently has a unique cGMP facility in Kuopio which is currently beingprepared for commercial-scale manufacture of Cerepro(TM)(gene-based medicine fortreatment of brain cancer). The new MT4 facility will significantly increaseArk's manufacturing capacity and scope in the gene-based medicines where theCompany is one of the world's leaders. The expanded capabilities will allow Arkto produce commercial-scale cGMP medicines for Cerepro(TM)and its other leadgene-based medicine Trinam(R) (haemodialysis access graft surgery), and also tomanufacture trials supplies for its earlier pipeline opportunities as they movefrom preclinical into Phase I human trials in compliance with the new 2005European pharmaceutical legislation. Work on MT4 has already commenced and the Company expects it to be operationalfor validation to commence towards the end of 2007. The TE-Centre has asuccessful track record in promoting the development of key sectors in Finland,working with the European Union, which will contribute 50% of the grant awardedto Ark from the European Regional Development Fund. Dr Nigel Parker, Chief Executive Officer of Ark, commented: "We have a veryconstructive relationship with the national authorities in Finland who fullyunderstand our commitment to the sector and to developing this unique expertisein Finland. We are very pleased to have been awarded this significant grant." 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 YatesDavina Langdale Notes to Editors Ark Therapeutics Group plc Ark is an emerging healthcare group (the "Group") with one product introducedinto hospitals and three further lead products in late stage clinicaldevelopment. Capitalising on over ten years of research in vascular biology andgene-based medicine, Ark has a balanced portfolio of proprietary healthcareproducts targeted at specific unmet clinical needs within vascular disease andcancer. These are large and growing markets, where opportunities exist foreffective new products to generate significant revenues. Ark's products are sourced from related but largely non-dependent technologieswithin the Group and have been selected to enable Ark to take each productthrough development and to benefit from Orphan Drug Status and/or Fast TrackDesignation, as appropriate. The Group generally retains ownership of itsproduct candidates throughout clinical development. Ark has secured patents orhas patent applications pending for all its lead products in principalpharmaceutical markets and retains the right to market its lead products in thekey North American and European markets. 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. TE-Centre In Finland, the Ministry of Trade and Industry, the Ministry of Agriculture andForestry and the Ministry of Labour have combined their regional forces in TheEmployment and Economic Development Centres (TE-Centre). Fifteen centres acrossFinland provide a comprehensive range of advisory and development services forbusinesses, entrepreneurs and private individuals. The three main tasks of theTE-Centre are to 1) support and advise small and medium-sized enterprises at thevarious stages of their life cycles, 2) promote technological development inenterprises and assist in matters associated with export activities andinternationalisation and 3) implement regional labour policies. 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