TTCF to Invest in New Zealand Company

For Immediate Release
19 August 2009

TTCF to Invest in New Zealand Company

Saratan Therapeutics Limited is a New Zealand drug development company spun out of Auckland UniServices, the commercialisation arm of The University of Auckland. Saratan is the second recipient of funding from the Trans Tasman Commercialisation Fund (TTCF).

The TTCF is an AUD$30million dollar investment fund designed to help the earlystage commercialisation of intellectual property developed at The University of Auckland and four Australian universities.

TTCF in conjunction with the Breast Cancer Research Trust (“BCRT”) is to invest AUD$1million in early stage finance in Saratan, which was launched in June 2009, subject to agreed milestones being achieved over the next two years. With the investment, Saratan has secured funding to progress its early stage program.

Saratan’s current drug development programme focuses on novel therapies developed by a research group led by Professor Peter Lobie at The Liggins Institute in The University of Auckland. Professor Lobie’s work is focused on identifying cancer targets that are associated with poor outcome and cause an increased resistance of tumours to traditional therapies, and/or result in the increased invasive and metastatic potential of tumours. Professor Lobie is an expert in the field of developing monoclonal antibodies that inhibit the action of these targets in cancer and are potentially active as new anti-cancer medicaments.

The research and development to date has been supported by funding from the Foundation for Research Science and Technology along with Auckland UniServices.

“BCRT and TTCF each have made an early stage equity investment of A$500,000 in Saratan because they can see the potential health and economic benefits if this work results in a new cancer treatment. TTCF is delighted that BCRT has agreed to cofund this development program even at this high risk stage and in an unsteady financial market” says Craig Reilly, the Auckland based Investment Manager for TTCF.

Peter Lobie is one of New Zealand’s foremost scientist and currently holds the Chair in Breast Cancer Research funded by the BCRT. He has made a discovery with the potential to address a critical need in the treatment of breast cancer. UniServices is proud to work alongside the investors BCRT and TTCF to see Professor Lobie’s invention take an important step in progressing the development of the technology.

Notes

The Trans Tasman Commercialisation Fund is an AUD$30million dollar investment fund designed to help the early-stage commercialisation of intellectual property developed at The University of Auckland and four Australian universities.

The fund’s members are The University of Auckland, Monash University, the University of Adelaide, Flinders University, and the University of South Australia. Funding is provided by Westscheme, one of Australia’s leading superannuation funds.

Breast Cancer Research Trust is a New Zealand non-for-profit organisation set up to support research into breast cancer. Funds rasied are allocated to only the most outstanding visionary research and researchers in New Zealand - without restriction to any one institution – it’s only vested interest being knowledge and breakthroughs in both seed and translational breast cancer research.

SaratanTherapeutics Limited is a New Zealand drug development company, which focuses on the development of monoclonal antibodies for the treatment of cancer. The program being funded focuses on breast cancer as the primary target. The company is incorporated in New Zealand with operations based in Auckland.

Auckland UniServices Limited undertakes contract research and commercialises intellectual property and creates new businesses based on the expertise of The University of Auckland. UniServices’ ability to combine academic creativity with commercial rigour has resulted in more than 25 spinout companies worth around NZ$500 million.

The Liggins Institute based at The University of Auckland conducts focussed research into the developmental origins of health and disease, with emphasis on epigenetics. Other foci are premature labour, growth restriction, periconceptual nutrition and oncology. Much research is based on the interaction of pre- and postnatal nutrition and its effect on growth, body composition, reproduction and endocrine pathways.

The Institute headquarters the National Research Centre for Growth and Development, a national Centre of Research Excellence, which clusters key capabilities across four universities, and, a crown research institute and a State Owned Enterprise (Landcorp) into a ‘virtual' research organisation.

ENDS

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