Market Update: Dendrimer diagnostic collaboration
Melbourne, March 1, 2002 - Starpharma Pooled Development Limited (ASX: SPL)
On September 10 2001 Starpharma announced the signing of a letter of intent with international medical diagnostics company PANBIO Limited (ASX:PBO) under which PANBIO planned to invest $A1 million over a period of three years in the new Australian company Dendritic Nanotechnologies Limited ("DNT"). DNT was established in August 2001 by Dr Donald A. Tomalia, the pioneer of dendrimer technology, and Starpharma as a new venture to develop products using dendrimer nanotechnology.
A recent DNT strategic planning workshop attended by Starpharma, PANBIO and DNT identified major commercial opportunities for dendrimer based products. PANBIO has decided that their preferred means of accessing dendrimer technology for their diagnostic business would be by a direct collaboration between PANBIO and Starpharma rather than by a direct investment in the broader range of applications offered by DNT.
Starpharma and PANBIO have identified potential areas for collaboration such as the diagnostic application of dendrimers suited for respiratory diseases, mosquito borne diseases such as malaria, and the Herpes family of viruses. Starpharma has an experienced dendrimer research team and expertise in dendrimer based pharmaceutical product development, whilst PANBIO has a proven track record in developing diagnostic tests for a wide range of infectious diseases, many of which fit Starpharma's drug development program.
In addition to Starpharma's equity position in DNT, Starpharma scientists will work closely with Dr Tomalia's group in DNT on the creation of new dendrimer based intellectual property and products.
Starpharma will be making further announcements in relation to DNT as the company completes the establishment phase of this highly significant international venture in dendrimer based nanotechnology.
Dr John W Raff, Chief Executive Officer, Starpharma Limited - 03 9522 4390
Mr Tim Grogan, Manager - Commercial Development and Intellectual Property - 03 9522 4389
Mr Ben Rogers, Company Secretary - 03 9522 4387
For further information: www.starpharma.com.
For further information about PANBIO Limited: www.panbio.com.au.