Grant Funding

20 Jun 2007 07:01

VASTox plc20 June 2007 VASTox plc ("VASTox" or "the Company") VASTOX AWARDED £400,000 GRANT TO SUPPORT R&D AT CARBOHYDRATE CHEMISTRY FACILITY Oxford, UK, 20 June 2007 - VASTox plc (AIM: VOX), a leading UK biotechnologycompany, announces that it has been awarded a grant of £400,000 by the WelshDevelopment Agency ("WDA") under the SMARTCymru scheme. The grant, which runsfor 12 months, will support the research and development work undertaken atVASTox's Aberystwyth facility and provides recognition of the unique skills andexpertise of its scientists based there. The research facility in Wales forms a key part of VASTox's world-leadingcarbohydrate chemistry technology platform, which also comprises its specialistcarbohydrate chemistry subsidiary, Dextra Laboratories, based in Reading. Theresearch at Aberystwyth identifies naturally occurring biologically-activecarbohydrate compounds with which VASTox has built a library of unique drug-likemolecules. This library is expected to provide the Company with opportunitiesto create new drug programmes across a broad range of therapeutic areas therebyfuelling its drug pipeline. Steven Lee, PhD, CEO of VASTox added: "VASTox seeks to find different sources offunding to strengthen the business and the award of this sizeable grant by theWDA is illustrative of this. The grant will support both the infrastructure andR&D undertaken at our Aberystwyth site, which is an integral part of ourworld-leading carbohydrate chemistry technology platform and commercialoffering." - ends - For more information please contact: VASToxSteven Lee, PhD, Chief Executive Officer Tel: +44 (0)1235 443951Darren Millington ACMA, Chief Financial Officer Citigate Dewe RogersonMark Swallow / David Dible / Valerie Auffray Tel: +44 (0)207 638 9571 Evolution SecuritiesTim Worlledge / Bobbie Hilliam / Neil Elliot Tel: +44 (0)207 7071 4300 About SMARTCymru SMARTCymru is a research and development (R&D) scheme to assist new product andprocess development. It is a comprehensive, pan Wales programme, from the WelshAssembly Government that provides easy access to funding and a unique range ofskills and expertise. SMARTCymru has been developed in consultation with industry, with the specificaim of encouraging and supporting innovators to carry out R&D that has realcommercial potential. Support is available for all phases of the developmentlife-cycle, from feasibility to exploitation. It is open to all innovators whoaim to create and exploit technologically innovative products and processes,based in Wales. www.wda.co.uk/smartcymru About VASTox plc VASTox is a leading UK biotechnology company that discovers and developsproprietary new drugs. The Company's internal drug development programmes areunderpinned by its advanced chemistry and drug screening (chemical genomics)technology platforms, which it also provides on a collaborative orfee-for-service basis to the pharmaceutical industry. VASTox has a broad range of drug discovery programmes in the clinical,pre-clinical and discovery stages of development, which target serious diseaseswith a high unmet medical need. These therapeutic areas include neuro-disorders(neurodegenerative and neuromuscular), anti-infectives, ophthalmic diseases,oncology and regenerative medicines. VASTox's in-house drug development capabilities combine world-class expertise inboth medicinal and carbohydrate chemistry with high-volume, high-contentscreening using its proprietary zebrafish and fruitfly technologies (chemicalgenomics). These whole organism screens have the potential to dramaticallydecrease the time and cost of drug discovery and development by delivering datathat are highly predictive of the efficacy and toxicity of potential drugcompounds in humans. The company listed on the AIM market of the London Stock Exchange in October2004 - symbol: VOX 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 and regional, national,global political, economic, business, competitive, market and regulatoryconditions. This information is provided by RNS The company news service from the London Stock Exchange