New Australian cancer research company planned

Published: 10-May-2006

Australian biotech investor Circadian Technologies, of Melbourne, has announced plans for a A$50m listed cancer research company.


Australian biotech investor Circadian Technologies, of Melbourne, has announced plans for a A$50m listed cancer research company.

Circadian, the Ludwig Institute for Cancer Research and Licentia, the commercial arm of the University of Helsinki, have invested a combined A$8m to establish Vegenics. Vegenics plans to raise another A$16m within 12 months through either an IPO or private investors.

Ciradian's ceo Leon Serry said the company's main product was a drug which worked by inhibiting vascular endothelial growth factors, which help promote the growth of new blood vessels. Restraining VEGF restricts the supply of blood and nutrients that tumours need for growth.

Clinical trials are about two and a half years away.

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