AUSTRIANOVA establishes Singapore subsidiary

New facility located in Biopolis, Singapore’s high tech biomedical research hub

Vienna, Oct. 1 2007. Austrianova Biomanufacturing AG, an emerging European Biotech Company based in Vienna, Austria, today announced an expansion into Asia with a new subsidary in Singapore. The Company already has operations in Vienna and a GMP-compliant production facility established in 2006 in Frankfurt, Germany.

The new subsidiary is located in “Biopolis”, Singapore’s high tech biomedical research hub – one of the most advanced in Asia. The location was chosen since Biopolis is home to many of the world’s leading pharmaceutical and biotech companies as well as many of Singapore’s premier start-up companies. As such, this is an ideal business environment for Austrianova’s strategic partnering activities to realise the full potential of its proprietary cell encapsulation technology.

“Austrianova Singapore Pte Ltd” will perform pilot research studies in which the Company’s proprietary cell encapsulation technology will be used to encapsulate a variety of cell types with partners, specifically with a view to develop products outside of oncology, which will remain the main focus of the Company. Austrianova Singapore has already initiated four projects, one in connection with a large pharmaceutical company.

“The expansion of our operations into Asia is a major step on the way to the internationalisation of the company!” commented Brian Salmons, Founder and CSO of Austrianova. “We were impressed by the speed with which we have been able to establish the Singapore subsidiary and the enthusiasm and interest that has been shown for our unique encapsulation technology, both in the scientific community as well as with biotech and pharma companies. “

Austrianova has significantly pioneered developments to successfully encapsulate living cells in reproducible quality up to industrial scale. The cell encapsulation technology of Austrianova is the basis for the implementation of an effective and economically feasible cell therapy and can be applied to a wide range of therapeutic applications from the treatment of various forms of cancer to diabetes and metabolic diseases.

Philip Yeo, chief architect of Singapore’s Biotech revolution and newly appointed Special Advisor for Economic Development of the Prime Minister's office recently visited Austrianova’s Vienna headquarters together with Chuan Poh Lim, Chairman of the Singapore Agency for Science, Technology and Research A*Star. Austrianova has received significant support from the Singapore Economic Development Board in setting up the new subsidiary which is fully owned by the mother company.

About Austrianova Biomanufacturing AG

Austrianova is a pioneer and technology leader in cell encapsulation. The Company’s core strategy is developing proprietary drug delivery technologies in orphan niche indications in oncology. Austrianova is the only company worldwide to have an IP-protected GMP industrial production line for the encapsulation of living cells in cellulose sulphate. NovaCaps® is the first encapsulated cell product targeting solid, difficult to treat tumours which has received Orphan Drug Designation from EMEA for pancreatic cancer and has successfully completed Phase I/II clinical trials in this indication. Phase III trials are due to commence in early 2008. Marketing Authorisation for the product is anticipated for 2009/2010. Trials of 'Novacaps®' for additional indications, including the treatment of liver cancer, head and neck cancer and ovarian cancer are due to commence in 2008. NovaCaps® Oncology consists of genetically-modified encapsulated living cells that, when implanted in close proximity to a solid tumour, enable local conversion of a prodrug into its active, cytotoxic form. Recently, a substantial first closing of a financing round of a planned total volume of €35M was raised from the Irish Ryan Group Holdings. This will enable AUSTRIANOVA to complete Phase III trials for its reference product ‘NovaCaps®’ and finance further partnering projects to develop other therapeutic approaches based on cell encapsulation technology. Austrianova was founded in 2001 and has a staff of about 60 FTEs.

For further information please visit www.austrianova.com 

For further information, please contact:

Dr. Susanne Bach
Corporate Communications
Austrianova Biomanufacturing AG
Mobil: + 43 / 699 / 184 83 025
E-Mail: bach@austrianova.com  

Dr. Douglas Pretsell
Account Director
Northbank Communications
t : +49 (0)89 57 00 18 06
e: d.pretsell@northbankcommunications.com