SUMM.L Regulatory News (SUMM)

26 Apr 2006 07:01

VASTox plc26 April 2006 VASTox plc ("VASTox" or "the Company") Dr Richard Storer joins VASTox's Board as Chief Scientific Officer Oxford, UK, 26 April 2006 - VASTox (AIM: VOX), the leading chemical genomicscompany, today announces that Richard Storer DPhil, FRSC will be joiningVASTox's board of directors as Chief Scientific Officer. Dr Storer has extensiveR&D experience within the pharmaceutical industry and will oversee thedevelopment of VASTox's preclinical programmes with a key objective of advancingthe most promising candidates into clinical trials. A major focus will be toaccelerate the Company's Duchenne muscular dystrophy programme. Dr Storer brings to VASTox over 30 years' experience within the pharmaceuticalindustry during which time he has established, managed and directedmulti-disciplinary teams and chemistry discovery programmes at severalinternational companies. Crucially, he has also taken a number of compounds fromdiscovery into clinical evaluation and which have subsequently been launched,including the successful AIDS drug Epivir and influenza drug Relenza. Prior to joining VASTox, Dr Storer (aged 58) was Senior Vice-President ofChemistry at Idenix Pharmaceuticals (Nasdaq: IDIX) where he was responsible forIdenix's in-house chemistry and a member of the company's Executive Committee.He joined Idenix from BioChem Pharma Inc. (now part of Shire PharmaceuticalsGroup plc), where he was Senior Director of Chemistry. Prior to this, Dr Storerspent over 20 years at GlaxoWellcome holding senior research positions. DrStorer is co-recipient of the prestigious 1996 Canadian Prix Galien for thediscovery of Epivir and a Fellow of the Royal Society of Chemistry. Steven Lee, PhD, CEO of VASTox commented: "Richard has an excellent track recordin identifying drug candidates and successfully developing them throughpreclinical testing and into the clinic. Richard's expertise has led to thecreation of tremendous value for the companies at which he has worked. Hejoined BioChem Pharma and Idenix when they were both worth less than $100million. BioChem Pharma was acquired by Shire for $4 billion in 2000 and Idenixis today worth nearly $1 billion. To be able to draw on Richard's experience todevelop the potential we see in our in-house drug discovery programmesrepresents a great step forward for VASTox." Richard Storer, DPhil said: "I am delighted to be joining VASTox at thisexciting stage in the Company's development. VASTox has the people andtechnology to create significant value in drug discovery and I am thrilled to bepart of the team." VASTox confirms that, save for the above, there are no other matters underparagraph (g) of Schedule 2 of the AIM rules to be announced. VASTox also announces that the Group's preliminary results for the year ended 31January 2006 will be released on 9 May 2006. - ends - For more information please contact: VASToxSteven Lee, PhD, CEO Tel: +44(0) 1235 443910Darren Millington, Head of Finance Citigate Dewe RogersonDavid Dible / Mark Swallow / Valerie Auffray Tel: +44 (0)207 638 9571 About VASTox plc VASTox is a chemical genomics technology company that discovers and developsproprietary novel drugs and provides services to the pharmaceutical industry.The Company's most advanced drug development programme is focused on developinga new treatment for Duchenne Muscular Dystrophy based on the up-regulation ofutrophin with a second drug development programme for Spinal Muscular Atrophy.VASTox has two additional programmes focused on osteoarthritis and tuberculosisthat are expected to be out-licensed prior to entering the clinic. The company's technology platform, which uses using zebrafish and fruitflies,has the potential to dramatically decrease the time and cost of drug discoveryand development. This is because using whole organisms allows it to carry outhigh volume, high content screening that delivers data which is predictive ofthe efficacy and toxicity of potential drug compounds in humans. VASTox isgrowing revenues based on marketing its unique technology platform and itschemistry expertise. VASTox was formed in January 2003 from the University of Oxford, by some of theUK's foremost scientists who have taken a creative approach to the problemsinvolved in drug discovery and who have a proven record in deliveringtechnological excellence. The company listed on the AIM market of the LondonStock Exchange in October 2004. Further information about the company may be accessed at the VASTox website: www.vastox.com This document contains "forward-looking statements" within the meaning of theU.S. Private Securities Litigation Reform Act of 1995. Forward-lookingstatements can be identified by words such as "anticipates", "intends", "plans","seeks", "believes", "estimates", "expects" and similar references to futureperiods, or by the inclusion of forecasts or projections. Forward-looking statements are based on the Company's current expectations andassumptions regarding our business, the economy and other future conditions.Because forward-looking statements relate to the future, by their nature, theyare subject to inherent uncertainties, risks and changes in circumstances thatare difficult to predict. The Company's actual results may differ materiallyfrom those contemplated by the forward-looking statements. The Company cautionsyou therefore that you should not rely on any of these forward-lookingstatements as statements of historical fact or as guarantees or assurances offuture performance. Important factors that could cause actual results to differmaterially from those in the forward-looking statements include (factorsincluded in this presentation) and regional, national, global political,economic, business, competitive, market and regulatory conditions. This information is provided by RNS The company news service from the London Stock Exchange