Cancer Research Technology begins critical role in new Australian cancer research venture

Aug 28 2007

Cancer Research Technology Ltd (CRT) today announces the start of its key role within an ambitious new Australia-based collaboration, Cancer Therapeutics CRC Pty Ltd (CTx), which commenced operations today.

CTx is one of the largest public/private partnerships of its type in the world. Underpinned by A$148 million in funding over seven years, including A$37.6 million from the Australian Commonwealth Government, CTx addresses the gap between Australia's academic cancer research base and its ability to discover and develop new drugs to treat cancer.

The new company will model its operations on CRT's very successful track-record in the development and licensing of new cancer therapeutics. CRT is the world's only development and commercialisation company exclusively focused on cancer with patient benefit as its driving force. The participation of CRT as commercialisation partner in the collaboration adds a unique capability to CTx.

Dr Keith Blundy, CEO of CRT, said: "We are extremely pleased to provide CTx with a strong route to market through our extensive experience of developing and licensing early-stage cancer therapeutics. By expanding our extensive network of leading cancer scientists and commercial partners in Europe and the US to now include Australia, we look forward to developing a strong capability in Australia to benefit cancer patients across the globe."

CTx is now seeking projects from research organisations across Australia. One of the first confirmed projects is to discover and develop compounds directed against BNO69, a proprietary cancer target of CTx participant, Bionomics Ltd.

Dr Julian Clark, CEO of CTx, said: "The scarcity of intellectual and financial capital for the essential part of the drug discovery process between the lab bench and the clinical drug development process is Australia's great funding gap. CTx will provide an integrated and coherent pathway for drug discovery, commercialisation and clinical development.

"CTx will benefit enormously from the experience and track-record of CRT. Our long-term goal is to develop a comparable development and commercialisation company for cancer therapeutics in Australia."