TIDMAKT
RNS Number : 7002G
Ark Therapeutics Group PLC
17 May 2011
Ark Therapeutics Group plc
Interim Management Statement
17 May 2011 - Ark Therapeutics Group plc ('Ark' or the
'Company') today publishes its interim management statement for the
period from 1 January 2011 to date. The Company intends to report
its results for the six months to 30 June 2011 on 24 August
2011.
Woundcare Business
In March the sale of the majority of the woundcare business to
Crawford Healthcare Ltd was completed, providing further cash to
enable the Company to meet its short term goals and allowing the
Company's management to focus exclusively on its core assets.
Manufacturing
A major focus of the Company is to exploit our world leading
cGMP Biosafety level 2 certified manufacturing facility in Kuopio
Finland. A feature of the year to date has been the increase in the
number of companies approaching Ark which are interested in using
the Company's bio-manufacturing capability. A review by a leading
independent consultant endorsed the value of our Finnish operations
to third parties for cell culture-based manufacture of live viral
products such as gene therapies and vaccines. The Company has
continued detailed discussions with a number of interested
parties.
Product Pipeline
Neuropilin-1 Receptor Antagonists (EG014)- this is a programme
developing small molecule antagonists to the neuropilin-1 receptor
(NRP-1) for treatment of cancer. Potent drug-like compounds have
been generated and these have demonstrated in vivo efficacy both in
slowing of tumour growth and reducing tumour vascularisation. Good
progress has continued to be made in lead optimisation, assisted by
crystallographic analysis of antagonist-receptor structures. The
pharmacokinetic properties of candidate antagonists have also been
markedly improved and the Company is conducting further in vivo
studies of efficacy in different tumour models. A number of major
pharmaceutical companies have shown interest in this programme and
discussions continue.
Refractory Angina (EG011) - this product is being developed
using Ark's established adenoviral platform to deliver VEGF-D for
treating patients suffering from refractory angina. The programme
is currently in an initial academic clinical study in Finland.
Recruitment into the low dose arm of the study has been completed,
and several patients have now been treated with the high dose.
Following the recent opening of a second site it is envisaged that
the dose ranging part of this study will be completed during 2011,
providing initial data which could be used in progressing the
interest from other companies in this programme.
Peripheral Vascular Disease (EG016) - this product also uses
Ark's established adenoviral platform to deliver VEGF-D and is
designed to improve the outcome for people undergoing bypass
procedures to overcome blockage of the main blood vessel to the
lower leg. A number of patients have been recruited into an initial
academic clinical study the results from which will be used to form
the basis of formal development programmes with partners.
Foetal Growth Restriction (FGR) (EG013) - Ark's adenoviral gene
therapy platform is used in this product to restore adequate
maternal vascularisation where foetuses are suffering severe growth
restriction as a result of a deficient blood supply. Pre-clinical
efficacy of the concept has been successfully demonstrated,
including demonstration of positive effects on foetal growth rate
leading to improvements in birth weight and other health parameters
of newborns. Ark scientists are now preparing the techniques
required for toxicology studies necessary to obtain approval to
initiate clinical trials.
Work continues to identify a suitable partner to complete the
clinical development for Cerepro(R) which the Company believes can
provide a clinical benefit to patients.
Board and Management
As announced in February, David Bloxham was appointed
Non-Executive Director following Andrew Christie's planned
departure from the Board in March 2011. Also in February we
announced that Russell Banks had joined the Company as Chief
Financial Officer.
Cash
We reported in our full-year results announcement on 9 March
2011 that the Company had GBP10.6m in cash and money market
investments at 31 December 2010. The Board reviews detailed cash
forecasts on a regular basis, which take into account different
scenarios regarding the development and commercialisation of the
Group's products and the performance of manufacturing services,
together with the different cost infrastructures necessary to
support these various scenarios. There have been no significant
changes in the financial position of the Company in the period
since publication of the results for the year ended 31 December
2010.
Martyn Williams, CEO of Ark, commented:
"In our strategic restructuring announcement of 9 September
2010, we identified a number of short term objectives and were
pleased to deliver on the first of these, the sale of the majority
of our wound care business, in the period. We have seen real
progress across all our activities and believe we are well placed
to deliver on the remaining objectives we have set ourselves for
this year."
Enquiries
Ark Therapeutics Group plc Tel: +44 (0)20 7388 7722
Martyn Williams, Chief Executive
Officer
Iain Ross, Executive Chairman
Financial Dynamics Tel: +44 (0)20 7831 3113
Ben Atwell/Sue Quigley
Ark Therapeutics Group plc
Ark Therapeutics Group plc is a specialist healthcare group (the
"Group") addressing high value areas of unmet medical need within
vascular disease and cancer. These are large and growing markets,
where opportunities exist for effective new products to generate
significant revenues.
Ark has an early stage pipeline emanating from collaborations
with University College, London and the AI Virtanen Institute in
Kuopio, Finland, the development of which it intends to progress in
collaboration with pharmaceutical and biotech partners.
In addition Ark has the ability to off-set a proportion of its
R&D costs and to generate sustainable revenues through the
exploitation of its proprietary technology platform, process
development, scale-up and manufacturing capabilities on behalf of
third parties.
Ark has its origins in businesses established in the mid-1990s
by Professor John Martin and Mr Stephen Barker of University
College London and Professor Seppo Yla-Herttuala of the AI Virtanen
Institute at the University of Kuopio, Finland, all of whom remain
consultants on the Company's research and development
programmes.
Ark's shares were first listed on the London Stock Exchange in
March 2004 (AKT.L).
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Group's
financial position, business strategy, plans and objectives of
management for future operations (including development plans and
objectives relating to the Group's products and services), and any
statements preceded by, followed by or that include forward-looking
terminology such as the words "targets", "believes", "estimates",
"expects", "aims", "intends", "will", "can", "may", "anticipates",
"would", "should", "could" or similar expressions or the negative
thereof. Such forward-looking statements involve known and unknown
risks, uncertainties and other important factors beyond the Group's
control that could cause the actual results, performance or
achievements of the Group to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Group's present and
future business strategies and the environment in which the Group
will operate in the future. Among the important factors that could
cause the Group's actual results, performance or achievements to
differ materially from those in forward-looking statements include
those relating to Ark's funding requirements, regulatory approvals,
clinical trials, reliance on third parties, intellectual property,
key personnel and other factors. These forward-looking statements
speak only as at the date of this announcement. The Group expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained in this
announcement to reflect any change in the Group's expectations with
regard thereto or any change in events, conditions or circumstances
on which any such statements are based. As a result of these
factors, readers are cautioned not to rely on any forward-looking
statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSGGUQWAUPGGRQ
Premier Veterinary (LSE:PVG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Premier Veterinary (LSE:PVG)
Historical Stock Chart
From Jul 2023 to Jul 2024