Circadian Technologies (ASX: CIR) is a biotechnology company with a difference - over $39 million in cash reserves at last count.
Today, Ciradian announced its 100% owned subsidiary company, Vegenics Limited, has been granted Japanese Patent 4324709 claiming the VEGF-C protein, VEGF-C gene and antibodies to VEGF-C as well as the use of these molecules in a broad spectrum of therapeutic indications, including the treatment of cancer.
Why is this important? Japan is the world’s second largest market for pharmaceuticals after the USA, with 11% of global sales. Applications for the VEGF technology, which functions in regulating blood supply, are substantial and broad. Circadian’s internal product development programs are focussed on novel anti-cancer therapeutics for large unmet needs.
Recent VEGF-C patents granted in the United States and Europe provides Circadian with a major commercial advantage and access to the world’s major pharmaceutical markets.
Ciradian CEO Robert Klupacs put it this way: “Stemming from the enormous success of Avastin®, the development of antibody drugs targeting angiogenic molecules such as VEGF-C is widely considered one of the most promising strategies in the pharmaceutical industry.”
"It represents a major asset for commercial partnerships with other companies seeking to pursue this approach.”
Circadian has licensed rights to some parts of its intellectual property portfolio for the development of other products to UK company Ark Therapeutics Group plc (LSE: AKT) and ImClone Systems (a wholly owned subsidiary of Eli Lilly & Company (NYSE: LLY).