SUMM.L Regulatory News (SUMM)

13 Feb 2007 07:01

VASTox plc13 February 2007 VASTox plc ("VASTox" or "the Company") VASTox SIGNS TWO DRUG DISCOVERY COLLABORATION DEALS WORTH A COMBINED €1 MILLION Collaborations with Rottapharm and an unnamed European biotech company leverage on VASTox's zebrafish chemical genomics platform and medicinal chemistry expertise Oxford, UK, 13 February 2007 - VASTox plc (AIM: VOX) announced today that it hassigned two long-term chemical genomics deals with a combined value of €1million. The first deal sees VASTox entering into a long-term drug discoveryand toxicology screening collaboration with the multinational pharmaceuticalcompany Rottapharm S.p.A. The total deal is worth up to €365,000 over 12months, which includes an upfront payment and research funding milestones. Under the terms of this deal, VASTox and Rottapharm will collaborate in thegeneration of a screening model for osteoarthritis that will test potential drugcandidates and therefore accelerate Rottapharm's unique discovery programme. Inaddition, VASTox will provide predictive safety and toxicology testing using itsproprietary 'vivo(TM)' technology platform, which will ensure, early in thediscovery process, that only high quality compounds are selected. This dealfollows a successful pilot project in 2006 that used VASTox's unique technologyplatform and high content screening experience and expertise. The second deal announced today is with an unnamed European biotechnologycompany and will use VASTox's medicinal chemistry expertise and experience in aresearch collaboration to support one of the client's drug discovery programmes. This deal will see VASTox paid up to €635,000 over 10 months and was securedafter VASTox had successfully completed previous service contracts with thecompany. Commenting on the contracts, VASTox's CEO Steven Lee, PhD, said "These are twovery significant deals for VASTox as they further underline the benefits thatour chemical genomics technology platform brings to drug discovery and highlightour strong expertise in chemistry. These attributes and capabilities aregaining increasing industry recognition and consequently leading to a greaterawareness of and interest in VASTox's unique drug discovery and serviceofferings. Furthermore these long-term partnerships will continue to validateour hybrid business model designed to generate maximum returns from ourtechnology platform and scientific expertise outside our internal drug discoveryprogrammes." - ends - For more information, please contact: VASTox Steven Lee, PhD, Chief Executive Officer Tel: +44 (0)1235 443910Darren Millington, Chief Financial Officer Citigate Dewe RogersonMark Swallow / David Dible / Valerie Auffray Tel: +44 (0)207 638 9571 About VASTox's zebrafish platform VASTox's zebrafish (Danio rerio) technology platform allows high-volume,high-content screening of small molecule drug candidates. This approachgenerates in vivo data, which can be used to determine key characteristics ofpotential drug candidates. These data are highly predictive of efficacy andtoxicity in humans, reducing the risk of failure in discovery programmes, whilehaving the potential to dramatically decrease the time and cost of drugdiscovery and development. VASTox has developed a wide range of validated toxicology screens, the 'vivo(TM)' screening platform to assess compound safety and potential side effects. Theseinclude: • Acute toxicity• Cardiotoxicity• Acute toxicity• Hepatotoxicity• Myelotoxicity• Genotoxicity About Rottapharm S.p.A. Rottapharm S.p.A. is an Italian pharmaceutical and healthcare company which wasfounded in 1961 by Luigi Rovati, a pharmacology professor at the University ofPavia. The Company currently employees over 1400 people and have itsheadquarters and central research facility in Monza, Italy. With sales in 2005of €279 million, Rottapharm has a broad product portfolio across a range oftherapeutic areas including rheumatology, gastrointestinal, cardiovascular,respiratory and central nervous system disorders as well as women's health. Thecompany has manufacturing sites in Ireland, Germany, Portugal and Italy andoperate globally in over 60 countries. More information about Rottapharm is available at www.rotta.com About VASTox plc VASTox is a chemical genomics biotechnology 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 additional programmes focused onosteoarthritis, cancer, tuberculosis and stem cells that are expected to beout-licensed prior 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 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