Wins ?5.3 million EU Framework Programme 7 Grant (3634K)
July 14 2011 - 2:00AM
UK Regulatory
TIDMAKT
RNS Number : 3634K
Ark Therapeutics Group PLC
14 July 2011
ARK THERAPEUTICS GROUP PLC (the "Company")
Ark led consortium wins EUR5.3 million EU Framework Programme 7
Grant
London, UK, 14 July 2011 - Ark Therapeutics Group plc (AKT: LSE)
("Ark" or "the Company") is pleased to announce it has received
notice of the award of a EUR5.3 million EU Framework Programme 7
Grant to a consortium led by Ark including two other SMEs and
elements of the Yale-UCL Research Collaborative (Division of
Medicine in UCL, and Departments of Cardiology in Yale and Queen
Mary College London) and the University of Eastern Finland. The
Grant supports the consortium's involvement in a research programme
to translate cutting edge biotechnology in the coronary stent area
over four years. The Grant is subject to the formal process of
contract negotiation with the European Commission ("EC") which is
anticipated to reach conclusion in September. Ark's successful
grant application was chosen from more than 40 applications across
Europe and received an overall score of 13.5 out of a possible 15
from the EC's independent scientific report on the project's
technology.
The Grant will fund research that combines the technologies of
the participants:
1) Ark's technology and expertise concerning
adenoviral-delivered gene therapeutics, which will be delivered to
the coronary artery after heart attack to restore the integrity of
the artery; and
2) Use of a pro-healing and/or regenerative stent (in
collaboration with Magnus Inventions and QualiMed, a German company
which will make the stent).
The objective of the project will be to stimulate a healing
process such that over time the stent will undergo a predictable
degradation to leave a wholly biologically healed artery through
regeneration of native tissues. The research programme is scheduled
to commence in November this year and Ark will receive EUR1.1
million for its contribution to the project.
Martyn Williams, Chief Executive of Ark commented:
"The award to Ark of this significant EU grant further
demonstrates the Company's innovative science capabilities and
validates the approach of gene therapy and stem cell therapy in the
cardiovascular system. We welcome the opportunity to collaborate
with so many respected institutions and look forward to
contributing to such an important disease area."
Professor John Martin, Chief Scientific Officer at Ark
commented:
"Grants, such as the EU Framework Grant announced today, provide
much needed resources to carry out important research into areas
where there is significant unmet need. We hope that this research
will offer new hope to sufferers of heart disease, a condition that
affects more than 50% of the population during their lifetime."
For further information please contact:
Ark Therapeutics Group Tel: + 44 (0)20 7388 7722
plc
Martyn Williams, CEO
Iain Ross, Chairman
Financial Dynamics Tel: +44 (0)20 7831 3113
Ben Atwell
Susan 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
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