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Circadian Technologies gains worldwide license from Chugai Pharmaceutical for VEGF-D applications

In a major shot in the arm for Circadian, the largest biopharmaceutical company in Japan, Chugai Pharmaceutical, a part of Roche has granted Circadian a global license to its vascular endothelial growth factor (VEGF) D intellectual property.
Circadian Technologies gains worldwide license from Chugai Pharmaceutical for VEGF-D applications

Cancer therapy drug developer Circadian Technologies (ASX: CIR) has received a major vote of confidence from biopharmaceutical global player Chugai Pharmaceutical, with worldwide VEGF-D intellectual property rights granted.

Chugai is part of the Roche Group of companies, 52% owned by Hoffman La-Roche.

With the deal, Circadian cements its position as a world leader in vascular endothelial growth factor (VEGF-D) development.

With Chugai's VEGF-D inventory, this enhances Circadian's ability to generate early revenues by using VEGF-D to develop new diagnostics and treatments.

VEGF-D is a major new target for cancer and other diseases including diagnostics for respiratory disease.

Importantly, the agreement allows Circadian to sub-licence which will enable the company to expand work in utilising the VEGF-D intellectual property estate through selective partnerships.

Consideration for the agreement is Circadian will pay an upfront licence fee to Chugai, and milestone payments and royalties on certain VEGF-D related products.

Robert Klupacs, chief executive officer of Circadian, said "It is a great honour for us that such a well regarded company as Chugai - a major player in Japan and part of the Roche group - has the confidence in our product development and commercialisation skills to grant us a licence to their intellectual property."

Chugai had revenues of $US4.6 billion in 2009.


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