SUMM.L Regulatory News (SUMM)

20 Sep 2006 07:01

VASTox plc20 September 2006 VASTox plc ("VASTox" or "the Company") VASTOX BEGINS STEM CELL THERAPY PROGRAMME WITH FUNDING FROM THE UK DEPARTMENT FOR TRADE AND INDUSTRY Oxford, UK, 20 September 2006 - VASTox (AIM: VOX), a leading UK biotechnologycompany, announces today that it will begin a new proprietary drug discoveryprogramme in the stem cell area. The new programme will be supported by grantfunding from the UK Department of Trade and Industry (DTI) under the TechnologyProgramme, which is designed to stimulate innovation in the UK economy throughhigher levels of research and development and knowledge transfer. The grant will fund an 18-month £910,000 collaborative research programmeentitled Understanding the Molecular Activation of Stem Cells ('UNMASC'). Theaim of the programme is to screen small molecules in zebrafish and fruitflies toidentify compounds that affect stem cell fate (e.g. division, proliferation andbehaviour). These hits can then be developed for use in a wide range ofregenerative therapies for diseases such as Crohn's disease, Parkinson's diseaseand cancer. The intellectual property relating to potential drugs will resideexclusively with VASTox. VASTox will undertake the research in collaboration with leading academics atthe University of Oxford, supported by the UK Medical Research Council:Professors Roger Patient and Tariq Enver at the Weatherall Institute ofMolecular Medicine and with Dr Marcel van den Heuvel at the MRC FunctionalGenetics Institute. All three academics are scientific advisors to VASTox. Under the terms of the £910,000 programme, the DTI will provide a grant of over£370,000 to VASTox, which the company will match. The remainder of the fundingwill support the programme's academic collaborators. Welcoming the new partnership, Science and Innovation Minister, Lord Sainsburysaid: "This initiative provides a real opportunity to harness the world-classexpertise that we possess in the UK and direct it towards the task of wealthcreation. Biotechnology is of crucial importance in our society. By providing afocus for collaboration and delivery, this partnership should establish Britishindustry as the world leader in this area and an attractive proposition forinvestors." Steven Lee, PhD, CEO of VASTox said: "This award enables VASTox to initiate ahighly innovative project in stem cell biology that combines our expertise inchemical genomics in zebrafish and fruitflies with expertise in stem cellbiology. This exciting programme has the potential to produce a very broad rangeof applications in drug discovery for the benefit of both industry and academia.For VASTox, technology developed from the project could have multiple routes forcommercialisation via internal drug discovery programmes and furthercollaborations." - ends - For more information please contact: VASToxSteven Lee, PhD, Chief Executive Officer Tel: +44 (0)1235 443910Darren Millington, ACMA, Chief Financial Officer Citigate Dewe Rogerson Tel: +44 (0)207 638 9571David Dible / Mark Swallow / Valerie Auffray 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 three additional programmes focused onosteoarthritis, cancer and tuberculosis that are expected to be out-licensedprior to entering the clinic. The company's technology platform, which uses zebrafish and fruitflies, has thepotential to dramatically decrease the time and cost of drug discovery anddevelopment. This is because using whole organisms allows it to carry out highvolume, high content screening that delivers data which is highly predictive ofthe efficacy and toxicity of potential drug compounds in humans. VASTox isgrowing revenues based on marketing its unique technology platform and itschemistry expertise. The company listed on the AIM market of the London StockExchange in October 2004. Further information about the company is available at www.vastox.com. This information is provided by RNS The company news service from the London Stock Exchange