Sydney, June 21, 2006 AEST (ABN Newswire) - GammaCan International (OTCBB: GCAN), and Life Therapeutics (ASX: LFE) today announced a joint effort to develop VitiGam, an innovative anti-cancer product designed to target metastatic malignant melanoma patients with Stage III and IV disease, in connection with a grant to be provided by the BIRD Foundation.
The approval of the $1M grant by the Bird Foundation is subject to the execution of a Cooperation and Project Funding Agreement between the companies and the Foundation within the next four months. In addition, during this time, the companies must finalize the project structure, cost and timelines.
"We are extremely pleased to have been approved for this grant by the foundation", said Patrick Schnegelsberg, CEO of GammaCan. "This positive assessment is the first outside review since we announced our shift in focus onto VitiGam. The Foundation's independent body has thoroughly evaluated our business plan and we are pleased and proud to be a part of their distinguished stable of companies. This award further strengthens Israeli-US efforts to jointly grow the biotechnology sector".
Dr. Hari Nair, CEO of Life Therapeutics said, "We are looking forward to working with GammaCan on this project which will utilize specialty plasma from our plasma collection centers as well as the potential use of the Gradiflow, our patented, preparative electrophoresis system in the manufacture of VitiGam."
About VitiGam:
VitiGam is GammaCan second generation intravenous IgG-based product and a first-inclass anti-cancer immunotherapy. GammaCan plans on having VitiGam to enter phase I/II testing under a US IND in the near future after recently held a pre-IND meeting with the FDA. VitiGam is being designed to target metastatic melanoma patients with Stage III and IV melanoma. VitiGam is an IgG product that is different from standard IgGs: It is manufactured from the plasma of donors with vitiligo, a benign autoimmune skin condition affecting up to 2% of the general population. GammaCan scientists have shown that this "enriched" vitiligo IgG (VitiGam) contains potent anti-melanoma activity in both in vitro and mouse xenograft melanoma models. Thus, GammaCan expects VitiGam to provide (1) anti-melanoma activity directed specifically against malignant melanoma cells and (2) non-specific anti-cancer activity - as is the case with IgG in general.
About the BIRD Foundation:
The Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation promotes strategic partnerships between Israeli and American companies in various technological fields. BIRD assists, free of charge, in the identification of strategic partners for development of joint products.
The BIRD Foundation funds are repaid only as royalties on actual sales. The Foundation provides funding of up to 50% of project expenses, from R&D to the initial stages of sales and marketing. In projects that do not reach actual sales, BIRD participates in the risk without demanding repayment of its investment.
The BIRD Foundation works in full cooperation with the Office of the Chief Scientist of the Israeli Ministry of Industry and Trade and the American National Institute of Standards and Technology (NIST).
About GammaCan:
GammaCan is a biopharmaceutical company focused on clinical-phase development and commercialization. GammaCan's initial therapy under development is a first-inclass anti-cancer immunotherapy aimed at preventing metastasis (the spread of cancer to other parts of the body) of a variety of cancers. GammaCan's first generation product (GCAN101) is currently completing phase II - clinical trials.
Contact
www.GammaCan.com
www.life-therapeutics.com
GammaCan: Israel: 972 3 5774475.
From the USA: 866-308-0396
Life Therapeutics:
Prakash Patel
Company Secretary
TEL: +61 2 8977 9000
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