CIR 0.00% 31.0¢ circadian technologies limited

circadian picks up alzheimers project

  1. 470 Posts.
    Here's another biotech (see, I can do it too)languishing that's trading below asset value.
    AnnaP

    CIRCADIAN TECHNOLOGIES LIMITED 2002-11-29 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    We are pleased to advise that we have concluded agreements to provide
    funding for a research project to develop a potential new treatment
    for Alzheimer's disease. This new project builds on our current R&D
    portfolio of six active projects.

    The project, to develop an inhibitor to the p75 nerve growth factor
    receptor, is based on original work carried out at the Walter & Eliza
    Hall Institute (WEHI). The technology is licensed exclusively to
    Circadian's wholly owned subsidiary Polychip Pharmaceuticals Pty Ltd,
    with patents having been granted in Australia, the US and Singapore
    and pending in Europe, Canada and Japan.

    A characteristic feature of Alzheimer's disease is the decline and
    death of particular nerve cells called cholinergic neurons, leading
    to lowered levels of the vital chemical they produce, called
    acetylcholine. The currently approved drugs for treating Alzheimer's
    attempt to boost the level of acetylcholine to compensate for this
    loss.

    Research at WEHI has shown that in animal models, inhibition of the
    p75 receptor decreases the age-related death of these nerve cells,
    and also increases their size and output of acetylcholine. It has
    also been shown to improve memory in these models. The role of the
    p75 receptor in the death of these nerve cells has been confirmed by
    other international researchers in animal models.

    Our inhibitor has the potential to be more effective than current
    approved drugs, which become less effective with age as the nerve
    cells die.

    Circadian has committed $440,000 funding over three years. We have
    contracted Melbourne University to conduct this work on the
    development of this inhibitor and its delivery to the central nervous
    system. Circadian will manage the project.

    Further details can be found on our website at www.circadian.com.au.

    Circadian's unlisted shareholdings and research & development
    projects now include the following:

    CancerProbe Pty Ltd 30% equity Cancer diagnostics

    Syngene Limited 42% In-situ hybridization patents
    Oligonucleotide delivery

    Other projects 86% Analgesic project (non-sedating
    analgesics)

    60% Yeast Mediated Reactions
    (ephedrine manufacture)

    60% Memory Enhancement Project (Sydney
    University)

    100% Alzheimer's disease - p75

    CIRCADIAN'S LISTED HOLDINGS

    The market value per Circadian share of Circadian's ASX listed
    holdings only (including cash on hand of $17 million) at the close of
    trade on 28 November 2002 was $2.08.

    This does not take into account the company's unlisted holdings and
    current research & development projects as detailed above.

    G Kaufman
    EXECUTIVE DIRECTOR

    Contact:

    Graeme Kaufman - EXECUTIVE DIRECTOR (03) 9826 0399


 
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