SUMM.L Regulatory News (SUMM)

11 Apr 2006 07:00

VASTox plc11 April 2006 VASTox Initiates Fifth Proprietary Drug Discovery Programme in Cancer Oxford, UK 11th April 2006 - VASTox plc (AIM: VOX), a leading chemical genomicscompany, is pleased to announce that it has initiated a new drug discoveryprogramme focused on the Wnt signalling pathway for cancer. This is VASTox'sfifth drug discovery programme. VASTox has selected this new programme to capitalise on its own in-houseexpertise and will use its chemical genomics platform technology and fruitflylarvae (Drosophila melanogaster) to screen its proprietary library of chemicals.The Wnt (pronounced "wint") pathway is widely recognised within the scientificcommunity to be a good cancer target because it is active in the developingembryo when cells are required to constantly grow and differentiate. The pathwayis normally inactive in adults and only switched on again in cancers. Based on its world-leading chemical genomics expertise, VASTox has developed ascreening model in fruitflies in which a crucial step in the regulation of theWnt pathway is impaired leading to uncontrolled cell growth. In addition, because VASTox is using whole organisms to carry out its screeningactivities, the Company will quickly gain valuable information on the safety andefficacy of the compounds that affect the Wnt pathway. This approach has thepotential for saving significant time and cost in the development of new drugcandidates when compared to conventional drug discovery processes. Following the successful secondary fundraising for the company's DuchenneMuscular Dystrophy programme in March, VASTox is now focused on moving its leadprogramme into the clinic by its target date of 2008. This funding has alsoenabled the company to accelerate its other drug discovery programmes andinitiate others such as the Wnt programme earlier than planned. With threeproprietary in vivo screening programmes using zebrafish (for the Company'sosteoarthritis programme) and fruitflies (for the Spinal Muscular Atrophy andWnt programmes), the Company will look to announce progress in terms of hitselection within the next six months. Dr Steven Lee, CEO of VASTox, said: "Our recent successful secondary fundraisinghas provided us with the funds to drive forward our lead programme in DuchenneMuscular Dystrophy according to the timelines we set out in March. As a resultof this much strengthened financial position, we are now in a position to addadditional high quality drug discovery programmes. Our expertise in chemicalgenomics and fruitflies makes the Wnt signalling pathway an ideal discoverytarget for VASTox. With this programme, we are again demonstrating our abilityto utilise exciting academic science as the starting point for a rigorous,industrial drug discovery process. By using in vivo models at the first stage ofour Wnt drug discovery programme, we are confident that the hits we identifywill show low toxicity and quickly form the basis of lead candidates." For more information please contact: VASTox plcSteven Lee, Chief Executive Officer 01235 443 910 07766 913 898 Citigate Dewe RogersonDavid Dible / Mark Swallow / Valerie Auffray 020 7638 9571 Notes for Editors: 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. A second drug development programme for Spinal Muscular Atrophy isalso progressing rapidly. VASTox has two additional programmes focused onosteoarthritis and tuberculosis that are expected to be out-licensed prior toentering 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 highlypredictive of the efficacy and toxicity of potential drug compounds in humans.VASTox is growing revenues based on marketing its unique technology platform andits chemistry expertise. VASTox was formed in January 2003 from the University of Oxford. The companylisted on the London Stock Exchange AIM in October 2004 and successfully raisedan additional £10 million via a secondary placing in March 2006. About the Wnt signalling pathway Signalling pathways are the subject of intense research and commercial activityin the life sciences industry. The Wnt pathway refers to a sequence ofbiological processes that are essential for the healthy development of embryos.Once the embryo has developed the pathways become more specialised and carefullyregulated. The Wnt signalling pathway is remarkably well conserved between fruitflies andhumans and is essential in the development of the cell differentiation, organformation and cell growth. VASTox has developed model fruitflies thatdemonstrate unregulated reactions of beta-catenin; a crucial step in the Wntpathway. Finding chemicals that regulate this reaction in the fruitfly will bean important start in regulating this pathway in humans. As a fundamental biological process, the malfunctioning of the Wnt pathway hasbeen implicated in a wide range of diseases and disorders. VASTox believes thatits Wnt programme will offer potential across a broad range of therapy areas,but initially in unregulated cell growth such as cancer tumours. This announcement contains forward-looking statements. 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 its 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 factors includedin this announcement 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