Biotechnology company Arana Therapeutics Limited (ASX: AAH; AIM: AAHx) today announced the successful achievement of a milestone in its collaboration with partner CSL Limited (ASX: CSL). Achievement of the target and confirmation of the data by CSL triggers a success-based payment by CSL. Financial terms are to remain confidential.
Arana announced completion of its work on the project in November last year. Today’s announcement concludes the subsequent evaluation and confirmation of the results by CSL.
“The success of another project with a major pharmaceutical company demonstrates Arana’s ability to continue to deliver significant improvements in the properties of our partner’s products,” Arana CEO Dr John Chiplin commented.
“In addition, it clearly validates Arana’s business model of creating revenues by enabling access to its platform technologies through key strategic alliances in the therapeutics space.”
“By generating these improved products Arana’s platform can likely make a significant contribution to the eventual success of these products in the clinic,” Dr Chiplin added.
The project involved Arana utilising its SuperhumanisationTM technology to develop “humanised” versions of lead antibodies from CSL’s pharmaceutical pipeline. These humanised products were then further improved using Arana’s EvoGeneTM optimisation technology.
Should CSL choose to further develop the product, Arana will be eligible to receive additional milestone payments as the product progresses through development by CSL. Arana is also set to earn royalties on product sales should it be approved and launched on the market.
Arana is employing its protein engineering technologies in developing a series of valuable protein therapeutics internally, with a particular focus on antibody-based drugs. The company also collaborates with GlaxoSmithKline, Vegenics Limited and Aveo Pharmaceuticals.
The success of this project with CSL follows on from a similar successful delivery and confirmation of a project with GlaxoSmithKline in March last year.
About Arana Therapeutics:
Arana Therapeutics (ASX: AAH; AIM: AAHx) is an international biopharmaceutical company formed through the merger of Peptech and EvoGenix in August 2007. The company uses superior technology to develop next generation drugs that will improve the lives of patients with inflammatory diseases and cancer.
Arana Therapeutics’ innovative engineering technologies provide the basis for clinical development in the antibody space, a market which draws on high demand. With a market capitalisation of around A$250 million and solid cash resources, Arana Therapeutics has the financial stability and management expertise to accelerate its clinical programs, and is on track to have at least 3 clinical stage assets within three years.
Arana is listed on the Australian Securities Exchange (ASX) and the London Stock Exchange (AIM).
The lead pipeline consists of four lead drug programs: ART621 to treat severe rheumatoid arthritis and other inflammatory diseases; ART010 to treat osteoporosis and bone cancer; ART104 to treat solid tumours in colorectal cancer; and ART150 for lung cancer and melanoma. Additionally the company has earlier stage products in development for the treatment of a range of conditions including age related macular degeneration, psoriasis, colorectal cancer, and leukaemia.
The most advanced drug candidate ART621 will commence Phase II clinical trials in 2008. In development for the treatment of severe rheumatoid arthritis, and other inflammatory disorders, ART621 has been shown to be well-tolerated in healthy volunteers at a variety of dose levels when administered intravenously or under the skin.
Arana has recurring revenues from commercial and development partnerships with six international companies including GSK, CSL, Centocor (J&J) and Abbott Laboratories.
For further information: www.arana.com
Contact information: Company: Dr John Chiplin Chief Executive Officer Arana Therapeutics Limited T: + 61 2 8061 9900 E: jchiplin@arana.com
Investor & Media Relations: Rebecca Wilson Buchan Consulting T: + 61 2 9237 2800 Mobile: 0417 382 391 E: rwilson@bcg.com.au
