Arrowhead's New Nanobioscience Subsidiary Plans Preclinical Studies and Collaboration with NCI
PASADENA, California – June 25, 2007 – Arrowhead Research Corporation (NASDAQ: ARWR), announced today that its new wholly-owned nanobioscience subsidiary has changed its name from “C Sixty Acquisition Corp”. to “Tego BioSciences Corporation”. The subsidiary recently acquired the assets of C Sixty, Inc. and is focused on the development of new protective products based on the anti-oxidant properties of modified buckministerfullerenes (also known as fullerenes or buckyballs). Tego is initially developing products to reduce oxidative damage caused by sun exposure, radiation therapy, and chemotherapy and mitigate complications associated with organ transplantation and tissue engineering.
“Tego is set to commence preclinical animal studies in collaboration with the National Cancer Institute this summer,” said R. Bruce Stewart, Chairman of Arrowhead. “Tego is in the process of assembling a business and technical team with expertise in nanoparticle-based therapeutics and skin care products.”
The preclinical studies will be performed in the NCI’s Nanotechnology Characterization Lab (NCL) to measure the ability of a Tego fullerene formulation to protect against harmful side effects of two anti-cancer drugs, cisplastin and adriamycin. The first stage of the studies will use NCL’s resources, with follow on funding from Tego, as appropriate.
The National Cancer Institute (NCI), working in concert with the National Institute of Standards and Technology (NIST) and the U.S. Food and Drug Administration (FDA), established the Nanotechnology Characterization Laboratory (ncl.cancer.gov) to perform preclinical efficacy and toxicity testing of nanoparticles. The NCL serves as a national resource and knowledge base for all cancer researchers to facilitate the regulatory review of nanotechnologies intended for cancer therapies and diagnostics. By providing the critical infrastructure and characterization services to nanomaterial providers, the NCL can accelerate the transition of basic nanoscale particles and devices into clinical applications, thereby reducing suffering and death from cancer.
About Arrowhead Research Corporation
Arrowhead Research Corporation (www.arrowheadresearch.com) is a publicly-traded nanotechnology company commercializing new technologies in the areas of life sciences, electronics, and energy. Arrowhead is building value for shareholders through the progress of majority owned subsidiaries founded on nanotechnologies originally developed at universities. The company works closely with universities to source early stage deals and to generate rights to intellectual property covering promising new nanotechnologies. Currently, Arrowhead has four subsidiaries commercializing nanotech products and applications, including anti-cancer drugs, RNAi therapeutics, carbon-based electronics and compound semiconductor materials.
About Tego BioSciences Corporation
Tego BioSciences Corporation (www.tegobio.com) is developing and commercializing therapeutics and other products based on the antioxidant properties of modified fullerenes. The patent protected platform forms the basis for several products. The company is initially focused on developing products to reduce oxidative damage caused by sun exposure, radiation therapy, and chemotherapy and mitigate complications associated with organ transplantation and tissue engineering. For other applications of derivatized fullerenes such as MRI imaging or central nervous system disorders, Tego BioSciences will establish a program to license and partner the commercialization of its intellectual property to third parties.
Fullerenes are a highly structured, nanoscale form of carbon, similar to carbon nanotubes. Roughly one nanometer in diameter, the molecules are composed of 60 carbon atoms and have the symmetry of soccer balls. The spherical shape, hollow interior, and 60 carbon atoms of the molecule allow drug designers the opportunity to attach therapeutic and targeting chemical groups in many configurations.
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This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, the future success of our scientific studies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K and 10-K/A, recent and forthcoming Quarterly Reports on Form 10-Q and 10-Q/A, recent Current Reports on Forms 8-K and 8-K/A, our Registration Statement on Form S-3, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
Contacts
Virginia Dadey; Vice President, Investor Relations
Telephone: 212.541.3707
Email: vdadey@arrowres.com