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Additional information
Additional Information
Market: ASX
Sector: Pharmaceuticals & Biotechnology
Epic: .CIR
News: Latest news
Web Site: Circadian Technologies Limited
Other Articles: 07-12-200919-11-200910-11-2009

Circadian Technologies Limited

Circadian Technologies Limited (ASX: CIR) is an Australian biotechnology company developing innovative, biologics-based therapies for the treatment of cancer and other serious human illnesses. Circadian owns an extensive portfolio of products and intellectual property related to Vascular Endothelial Growth Factors (VEGFs), a class of proteins that play a critical role in regulating tumour blood supply. These programs are conducted through Vegenics Ltd, a wholly-owned subsidiary of Circadian.

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Thursday, October 29, 2009

Circadian Technologies subsidiary terminates licence to Ark Therapeutics

Circadian Technologies Limited (ASX:CIR), a developer of novel, biologics-based treatments for cancer, announced today that its subsidiary Vegenics Limited has terminated the licence previously granted to Ark Therapeutics Limited, under its VEGF-D gene therapy intellectual property (IP) to exploit Ark’s product TrinamTM.

The licence was terminated for non-payment of fees.

TrinamTM, which is currently undergoing Phase 3 clinical trials, is a treatment being developed by Ark to extend the functioning of intravenous access grafts used by kidney dialysis patients.

Circadian, through Vegenics, will also commence arbitration proceedings against Ark’s Finnish subsidiary, Lymphatix Oy, to rule out Ark’s claim that it retains a license covering the use of Vegenics’ IP in TrinamTM through Lymphatix (Lymphatix has a license from Vegenics for certain VEGF-C and VEGF-D gene therapy rights).

Circadian is strongly of the view that Lymphatix, and therefore its parent Ark, have no rights to use Vegenics’ IP to sell TrinamTM under the Lymphatix license.

Circadian has initiated these actions to ensure that these matters can be resolved and clarified before TrinamTM comes to the market in the next 2 to 3 years, assuming ongoing Phase 3 trials are successful.

Circadian expects that arbitration may take between 6 and 12 months and the associated time and costs are not expected to have a significant effect on management resources or on the overall operating expenditures of the company, respectively.

Updates on the timetable will be provided as the process continues.

Robert Klupacs, CEO of Circadian said: “It is disappointing that it has been necessary to take this action to enforce our rights, despite our attempts to rectify the disputes with Ark and Lymphatix. We are confident in our position that neither Ark nor Lymphatix have rights to market TrinamTM using our VEGF-D technology through the Lymphatix license which we expect to resolve through the arbitration process.”

“Addressing this issue now, before TrinamTM completes Phase 3 studies and/or obtains marketing approval, will enable all parties to get clarity for their shareholders in respect of any future revenues that may arise from this product.”

“We take the enforcement of our intellectual property rights very seriously, however this dispute is unrelated to the company’s major assets which are our three novel anti-cancer therapies in development: VGX-100, VGX-200 and VGX-300 as well as our partnered programs with ImClone Systems Inc and Healthscope Limited.

These will remain the business focus for our management team.”

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