Wednesday, 24 August 2005. Melbourne, Australia - Meditech Research Limited (ASX: MTR), a biotechnology company developing new cancer therapies, today announced that it has been offered a Commercial Ready Grant from the Australian Government. The grant will contribute $2.98 million over three years towards the development and commercialisation of HyCAMP(TM), Meditech’s lead anti-cancer product which is in Phase II clinical testing.
Commercial Ready is a merit-based grant program supporting innovation and its commercialisation. It offers small and medium-sized businesses across a wide range of industries access to competitive grants for early-stage commercialisation activities, research and development (R&D) with high commercial potential, and proof-of-concept activities.
“We are very pleased that Meditech’s R&D plans and commercialisation strategies have been endorsed through the offer of this grant,” said Dr Ian Nisbet, Meditech’s Chief Executive Officer. “It acknowledges the potential for creating value based upon our hyaluronic acid technology (HyACT(TM)) and will help expedite the international development of our lead product.”
According to Associate Professor Tracey Brown, Meditech’s Research Director, “The offer of the Commercial Ready Grant complements our ongoing relationship with Novozymes Biopolymer, as we work towards commercialising HyCAMP(TM). Importantly, it will allow us to pursue improvements to the HyACTT platform as part of the HyCAMP(TM) development program.”
The Company also announced today that Professor Richard Fox has handed over Chairmanship of the Meditech Board to Mr Robert Stewart. Professor Fox will remain as a non-Executive Director and continue to advise the Company on clinical development and medical issues.
For more information:
Dr Ian Nisbet Chief Executive Officer Research Director Meditech Research Limited (03) 9296 2027
Associate Professor Tracey Brown Meditech Research Limited (03) 9905 3760
www.mrl.com.au
About Meditech Meditech is an Australian biotechnology company focused on developing and commercialising drugs that improve the health and quality of life of patients with cancer and other chronic diseases. The company has internationally recognised expertise in carbohydrate-based therapies, particularly products based upon the glycosaminoglycan, hyaluronic acid. Building on this expertise, Meditech has created its patented HyACT(TM) (Hyaluronic Acid Chemotransport Technology) platform which it is applying to the development of improved formulations of cancer drugs. The lead product from the HyACT(TM) platform is HyCAMP(TM). In addition to HyCAMP(TM), Meditech has taken the anti-cancer products HyDOX(TM) (doxorubicin and hyaluronic acid) and HyFIVE(TM) (5-fluorouracil and hyaluronic acid) into clinical testing.
About HyCAMP(TM) HyCAMP(TM) is Meditech’s proprietary formulation of irinotecan (CamptosarR) with hyaluronic acid, which is currently in Phase II clinical testing in metastatic colorectal cancer patients. It has previously been tested in a 12-patient, uncontrolled Phase I study, the interim results of which were presented at the 29th Congress of the European Society for Medical Oncology (ESMO) in October 2004. Although the number of patients in the Phase I study was not sufficient to draw any firm conclusions, treatment with HyCAMP(TM) showed a trend towards improved safety with maintained efficacy.
HyCAMP(TM) is the subject of a development and commercialisation agreement with Danish company Novozymes Biopolymers A/S. Novozymes Biopolymers is a 100% owned subsidiary of Novozymes A/S, the biotech-based world leader in enzymes and microorganisms. With its head office in Denmark, Novozymes employs more than 3,900 people in 30 countries. (For further company information visit Novozymes on the Internet at www.novozymes.com.) Under this agreement, Meditech and Novozymes are collaborating in the development of advanced formulations of HyCAMP(TM). In addition, Novozymes is providing funding for the Phase II clinical study. Meditech has the right to commercialise intellectual property arising from the collaboration in the fields of human and veterinary pharmaceuticals, while Novozymes has the commercialisation rights for cosmetics and nutraceuticals. For products developed under this agreement, Novozymes will be the exclusive supplier of hyaluronic acid.
