>>CARLSBAD, Calif., and MELBOURNE, Australia, Dec. 19 /PRNewswire/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIP - news) and Circadian Technologies Limited (ASX: CIR), a leading Australian biotechnology commercialization firm, announced today the companies have collaborated to create Antisense Therapeutics Limited (ATL). Isis and Circadian have established this new Australian-based biotechnology company to focus on the discovery and development of antisense drugs. ATL will further the application of Isis' antisense technology platform in new markets. ATL was listed on the Australian Stock Exchange (ASX) today under the symbol ANP, successfully completing its initial public offering.
As part of establishing ATL in the antisense field, Isis has licensed to ATL ISIS 107248, an antisense inhibitor to CD 49d, a sub-unit of VLA-4 (Very Late Antigen-4). Treatment by inhibition of VLA-4 has been demonstrated to have positive effects in animal models of a number of inflammatory diseases such as multiple sclerosis. Isis will complete the required preclinical studies for ISIS 107248 and will manufacture drug for human clinical trials at ATL's expense. ATL will undertake future clinical development and commercialization of the compound.
Isis and ATL will also participate in a five-year antisense drug discovery and development collaboration, which includes ATL's use of GeneTrove's(TM) gene functionalization services for a limited number of targets. ATL will pay Isis for access to the company's antisense expertise and for research and manufacturing services conducted during the collaboration. In addition, ATL will pay to Isis royalties on antisense drugs discovered and developed within the partnership. Isis owns approximately 14 percent of ATL equity and holds options for additional shares. Isis' Chairman and CEO Stanley T. Crooke, M.D., Ph.D., is a member of ATL's Board of Directors.
``In partnership with Circadian, we are very pleased to have formed a new company focused solely on exploiting antisense technology as a drug discovery and development platform. Our goals from the outset have been to lead the industry into antisense technology and encourage its use broadly. ATL is another example of our execution of these goals, on a global level,'' said Stanley T. Crooke, M.D., Ph.D., Isis' Chairman and Chief Executive Officer. ``At Isis, we currently discover more potential drug candidates than we can afford to develop. ATL represents a strategic move to broaden the reach of antisense drugs, while minimizing financial obligations for us and our shareholders.''
To build its business, ATL will engage in antisense drug discovery and development collaborations with academic research institutions throughout Australia, including the prestigious Murdoch Childrens Research Institute based in Melbourne. Murdoch Childrens Research Institute will contribute key specific intellectual property and expertise to ATL's antisense research efforts. In the future, ATL plans to work with additional corporate partners.
``Antisense is a revolutionary drug discovery platform that has progressed significantly over the last decade and is now prime for broad application. We look forward to working with Isis, the undisputed leader in antisense, as our key technology partner. We have created a powerful team and business plan to expand the investigation and development of this important platform technology into new therapeutics for patients in need,'' said Chris Belyea, ATL's founding Chief Executive Officer.
ATL's IPO raised A$13 million (Australian dollars), or US$6.5 million. Circadian directly and indirectly holds 36 percent of ATL issued capital.
``In recent years we have worked successfully to establish several listed Australian biotechnology companies and we are delighted to be involved in this collaboration with Isis who we regard as the pioneer of antisense technology,'' said Leon Serry, Circadian's Chief Executive Officer.
Circadian Technologies Limited was listed on the ASX in 1985. Circadian provides management and funding for the development and commercialization of Australian pharmaceutical research to the stage of either licensing or listing on the ASX. The company holds equity positions in Metabolic Pharmaceuticals Limited (developing a new obesity drug -- ASX: MBP), Optiscan Imaging Limited (developing new diagnostic imaging equipment -- ASX: OIL), and U.S.-based Axon Instruments, Inc. (genomics and high throughput screening equipment -- ASX: AXN). For these companies, Circadian provided funding and assistance in their listings on the ASX. Circadian is also now the largest shareholder in AMRAD Corporation Limited (with three drugs in Phase II trials -- ASX: AML). Circadian's current unlisted R&D portfolio includes a novel platform technology for identification of potential cancer markers and an extensive patent portfolio in ``in situ'' hybridization techniques.<<
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