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Company
TIDM
Headline
Released
Number
Epitan Limited
Seeks Admission to AIM
09:30 30-Mar-05
3158K
For immediate release
30 March 2005
EPITAN LIMITED
(“EpiTan” or “the Company”)
Intention to float on the AIM market of the London Stock Exchange
EpiTan Ltd, a speciality pharmaceutical company focussed on dermatology and based in Melbourne,
Australia, announces its intention to join the AIM market of the London Stock Exchange by way of a placing.
EpiTan’s lead development compound is MELANOTAN™, EpiTan's brand name for [Nle4, D-Phe7]-alphaMSH, a synthetic analogue of the naturally occurring hormone alpha-MSH, which stimulates melanin
production.
MELANOTAN™ is in Phase II clinical trials as a preventive treatment for sunburn injury. Sunburn injury is
widely considered to be a precursor to skin cancer. MELANOTAN™ is also currently in Phase II trials in
Germany and Finland as a therapeutic treatment for polymorphous light eruption (PMLE).
The mode of action of MELANOTAN™ is to stimulate the production of melanin in the skin via the
biochemical process of melanogenesis, which results in an increased pigmentation in the skin – a tan –
without the need to expose the skin to potentially harmful UV light.
A Phase II trial of MELANOTAN™ showed a significant increase in melanin density for all trial subjects
who received the drug. Importantly, the subjects who had the fairest skin at the start of the trial demonstrated
the highest increase in melanin density resulting in a 50% reduction in subsequent sunburn injury over the
course of the trial. The Company believes this represents a significant breakthrough for people most at risk of
sunburn injury and potentially skin cancer.
The lead dosage formulation of MELANOTAN™ is a sustained-release solid injectable implant. EpiTan is
evaluating other formulations including a transdermal lotion and a spray. A trial, due to begin next month, of
a newly developed transdermal formulation of MELANOTAN™ is to be conducted by the William Harvey
Research Institute based at Queen Mary, University of London.
EpiTan, through its Australia and New Zealand marketing subsidiary, Epipharm Pty Ltd (“Epipharm”), has a
portfolio of four recently acquired dermatology products and continues to evaluate in-licensing opportunities.
The four products are Exorex™, for the treatment of psoriasis; Linotar™, for eczema; Zindaclin™, for acne;
and OraDisc A™, for mouth ulcers.
In the future, it is expected that Epipharm will market MELANOTAN™ in Australia and New Zealand, and
that the drug will be marketed through a pharmaceutical partner or partners in the US and Europe.
EpiTan believes that an additional market for MELANOTAN™ may be its use as a way for people to develop
a tan without exposure to the potentially harmful UV radiation emitted by sunbed lamps. A World Health
Organisation fact sheet issued in March 2005 stated that “recent studies indicate a relationship between the
use of sunbeds and malignant melanoma as well as non-melanoma skin cancers such as squamous and basal
cell carcinomas”.
Highlights of the Placing
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPop...
10/05/2005
Market News
Page 2 of 2
•
EpiTan is seeking to raise up to £15 million in a placing by Teather & Greenwood, the Company’s
nominated adviser and broker.
•
The key use of the proceeds will be the funding of the remaining clinical and non-clinical development of
MELANOTAN™.
•
The Directors believe that the AIM admission will increase the Company’s international profile.
•
It is expected that EpiTan shares will begin trading on AIM in May.
EpiTan is currently listed on the Australian Stock Exchange (ASX: EPT) and has a quotation on the Regulated
Unofficial Market of the Frankfurt Stock Exchange (XETRA: UR9). EpiTan has a Level 1 ADR programme
in the US (ADR: EPTNY). EpiTan’s market capitalisation at the close of trading on ASX on 30 March 2005
was A$ 87.4 million.
Commenting on the proposed AIM flotation Iain Kirkwood, EpiTan’s CEO, said: “I am delighted to be
able to introduce EpiTan to UK investors, particularly as we expect Europe to be a key market for our lead
development product, MELANOTAN™. The funds we seek to raise in the UK are expected to allow us to
complete the development of MELANOTAN™ with the intention of gaining regulatory approval. Skin cancer
represents a major health issue worldwide and MELANOTAN™ has been shown in clinical trials to reduce
the incidence of sunburn injury, which is widely considered a major cause of skin cancer.”
For further information:
Epitan Ltd
Iain Kirkwood, CEO
Davina Bridgeman, Investor Relations
www.epitan.com.au
+ 613 9660 4900
[email protected]
Teather & Greenwood
Mark Dickenson
Sindre Ottesen
Tom Hulme
+ 44 (0) 20 7426 9000
Buchanan Communications
Mark Court/Lisa Baderoon/Rebecca Skye Dietrich
+ 44 (0) 20 7466 5000
END
©2004 London Stock Exchange plc. All rights reserved
http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPop...
10/05/2005