Circadian, Finnish cancer nonprofit, university form Vegenics to develop VEGF products

By Lisa Kerner

Erie, Pa., May 1 - Circadian Technologies Ltd. said it has formed a new company, Vegenics Ltd., in collaboration with the Finnish non-profit Ludwig Institute for Cancer Research (LICR) and Licentia Ltd., the commercial arm of the University of Helsinki.

Vegenics will initially focus on developing peptide and antibody antagonists to two forms of vascular endothelial growth factor (VEGF) as antitumor agents.

Circadian will initially invest $4 million in and will own 50% of the new company. LICR and Licentia will own the remaining 50%.

Vegenics plans to raise an additional $16 million within 12 months through an Australian Stock Exchange listing or private equity.

Circadian, based in Melbourne, Australia, provides management and funding for Australian biomedical research.

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