Vastox Awarded £400,000 Grant to Support R&D atCarbohydrate Chemistry Facility
OXFORD, England, 20 June 2007 - VASTox plc (AIM: VOX), a leading
UK biotechnology company, announces that it has been awarded a
grant of £400,000 by the Welsh Development Agency
(”WDA”) under the SMARTCymru scheme. The grant,
which runs for 12 months, will support the research and development
work undertaken at VASTox’s Aberystwyth facility and provides
recognition of the unique skills and expertise of its scientists
The research facility in Wales forms a key part of VASTox's world-leading carbohydrate chemistry technology platform, which also comprises its specialist carbohydrate chemistry subsidiary, Dextra Laboratories, based in Reading. The research at Aberystwyth identifies naturally occurring biologically-active carbohydrate compounds with which VASTox has built a library of unique drug-like molecules. This library is expected to provide the Company with opportunities to create new drug programmes across a broad range of therapeutic areas thereby fuelling its drug pipeline.
Steven Lee, PhD, CEO of VASTox added: "VASTox seeks to find different sources of funding to strengthen the business and the award of this sizeable grant by the WDA is illustrative of this. The grant will support both the infrastructure and R&D undertaken at our Aberystwyth site, which is an integral part of our world-leading carbohydrate chemistry technology platform and commercial offering."
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For more information please contact:
VASTox Steven Lee, PhD, Chief Executive Officer Darren Millington ACMA, Chief Financial Officer Tel: +44 (0)1235 443951
Citigate Dewe Rogerson Mark Swallow / David Dible / Valerie Auffray Tel: +44 (0)207 638 9571 Evolution Securities Tim Worlledge / Bobbie Hilliam / Neil Elliot Tel: +44 (0)207 7071 4300
SMARTCymru is a research and development (R&D) scheme to assist new product and process development. It is a comprehensive, pan Wales programme, from the Welsh Assembly Government that provides easy access to funding and a unique range of skills and expertise. SMARTCymru has been developed in consultation with industry, with the specific aim of encouraging and supporting innovators to carry out R&D that has real commercial potential. Support is available for all phases of the development life-cycle, from feasibility to exploitation. It is open to all innovators who aim to create and exploit technologically innovative products and processes, based in Wales.
About VASTox plc
VASTox is a leading UK biotechnology company that discovers and develops proprietary new drugs. The Company's internal drug development programmes are underpinned by its advanced chemistry and drug screening (chemical genomics) technology platforms, which it also provides on a collaborative or fee-for-service basis to the pharmaceutical industry.
VASTox has a broad range of drug discovery programmes in the clinical, pre-clinical and discovery stages of development, which target serious diseases with a high unmet medical need. These therapeutic areas include neuro-disorders (neurodegenerative and neuromuscular), anti-infectives, ophthalmic diseases, oncology and regenerative medicines.
VASTox's in-house drug development capabilities combine world-class expertise in both medicinal and carbohydrate chemistry with high-volume, high-content screening using its proprietary zebrafish and fruitfly technologies (chemical genomics). These whole organism screens have the potential to dramatically decrease the time and cost of drug discovery and development by delivering data that are highly predictive of the efficacy and toxicity of potential drug compounds in humans.
The company listed on the AIM market of the London Stock Exchange in October 2004 - symbol: VOX
This document contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates", "intends", "plans", "seeks", "believes", "estimates", "expects" and similar references to future periods, or by the inclusion of forecasts or projections.
Forward-looking statements are based on the Company's current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. The Company's actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements and regional, national, global political, economic, business, competitive, market and regulatory conditions.
Mark Swallow, Ph.D. Citigate Dewe Rogerson
+44 (0)20 7282 2948 (direct) +44 (0)7903 737703 (mobile) +44 (0)20 7638 9571 (switchboard) +44 (0)20 7282 2811 (fax) 3 London Wall Buildings London Wall London EC2M 5SY UK
Posted: June 2007