Arana announces final receipt of $17.7 million from sale of Domantis Limited
View announcement at arana.com
Wednesday, 9 January 2008 Sydney, Australia:
Biotechnology company Arana Therapeutics Limited (ASX: AAH, AIM: AAHx) today announced that it had received the remaining funds of A$17.7 million arising from the sale of its shareholding in Domantis Ltd in January 2007.
CEO Dr John Chiplin commented “This is the final part of the very successful sale of Domantis to GlaxoSmithKline. Arana’s already strong financial position has been made even stronger by the receipt of these funds. In these times of uncertainty in financial markets, we are in a strong position arising from good financial management.”
“Our financial position is even better than it might have been, as we entered into foreign exchange contracts with a net exchange rate of 0.40; significantly more favourable to today’s spot rates.” Dr Chiplin added.
Arana Therapeutics (ASX: AAH; AIM: AAHx) is an international biopharmaceutical company formed through the merger of Peptech and EvoGenix in August 2007. The company uses superior technology to develop next generation drugs that will improve the lives of patients with inflammatory diseases and cancer.
Arana Therapeutics’ innovative engineering technologies provide the basis for clinical development in the antibody space, a market which draws on high demand. With a market capitalisation of around A$250 million and solid cash resources, Arana Therapeutics has the financial stability and management expertise to accelerate its clinical programs, and is on track to have at least 3 clinical stage assets within three years.
Arana is listed on the Australian Securities Exchange (ASX) and the London Stock Exchange (AIM).
The pipeline consists of four lead drug programs: ART621 to treat severe rheumatoid arthritis and other inflammatory diseases; ART010 to treat osteoporosis and bone cancer; ART104 to treat solid tumours in colorectal cancer; and ART150 for lung cancer and melanoma. Additionally, the company has earlier stage products in development for the treatment of a range of conditions including age related macular degeneration, psoriasis, colorectal cancer, and leukaemia.
Arana has recurring revenues from commercial and development partnerships with six international companies including GSK, CSL, Centocor (J&J) and Abbott Laboratories.
For further information: www.arana.com
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