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Article Excerpt
- New Jointly-Owned Company, Vegenics Limited, to Focus on Development of VEGF Antagonists as Anti-Tumor Agents -
- Capital Raise via ASX Listing or Private Equity Planned Within 12 months -
MELBOURNE, Australia, NEW YORK and HELSINKI, Finland, May 1 /PRNewswire- FirstCall/ -- Circadian Technologies Limited today announced that, in collaboration with one of the world's leading cancer research organizations, the Ludwig Institute for Cancer Research ("LICR") and the commercial arm of the University of Helsinki, Licentia Ltd. ("Licentia"), it has formed a new company, Vegenics Limited ("Vegenics"), to develop and commercialize the intellectual property and technology of LICR and Licentia with respect to molecules known as Vascular Endothelial Growth Factors (VEGF).
Vascular Endothelial Growth Factors are a family of proteins that play an important role in promoting the growth of new blood vessels and maintenance of existing blood vessels. The approach of inhibiting VEGF and thus restricting blood and nutrient supply to tumours has potential in the treatment of cancer.
Circadian will make an initial equity injection of A$4 million into Vegenics, which will be 50% owned by Circadian and 50% by LICR and Licentia. Vegenics will initially focus on developing peptide and antibody antagonists to two...
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