Genomics-based drug discovery to focus on therapies for pain, obesity and other diseases affecting the central nervous system

Cambridge, UK, and Singapore 4 November 2003

Paradigm Therapeutics Ltd, the UK drug discovery Company located in Cambridge, is delighted to announce the formation of a wholly owned Singapore subsidiary based in the Biopolis, a new state of the art facility tipped to be a world-class biomedical research and development hub in Asia. Paradigm Therapeutics Singapore Pte Limited will capitalise on the rapid growth of biomedical research in Singapore and establish a research and development base for its genomics-driven drug target validation activities in the Biopolis.

Dr Ian Gray has been appointed as Head of Research of Paradigm Therapeutics Singapore. Dr Gray joins Paradigm from GlaxoSmithKline Pharmaceuticals, where he held the position of Manager, Molecular Genetics in GSK's UK Genetics Research Division. Dr Gray has a broad background in mammalian genetics gained from both academic and industrial research, including key experience in the application of genetics-based approaches to drug discovery.

Dr Mark Carlton, Chief Executive Officer and co-founder of Paradigm Therapeutics Limited said "This expansion into the biomedical sciences hub of Singapore will significantly increase our capacity to validate novel drug targets from the human genome". He added "The Singapore environment is highly dynamic and offers an excellent base to reach Asia-Pacific markets".

Dr Samuel Aparicio (University of Cambridge Department of Oncology and visiting professor at the Institute of Molecular and Cell Biology, Singapore), Chief Scientific Officer and co-founder of Paradigm Therapeutics Limited said "The strong skills base for biomedical researchers in Singapore together with expansion in biomedical research facilities offer the prospect of rapid growth in our science base"

Chu Swee Yeok, Executive Director of Bio*One Capital, said 'We are happy that Paradigm has chosen Singapore as a regional base from which to expand to new markets and accelerate its efforts in research and development.Ê The potential for cross-collaboration and exchange of ideas between our private and public researchers at Biopolis promises to bring us one step further towards the discovery of new advances in Singapore's biomedical and healthcare industry." Bio*One is the investment arm that manages the biomedical sciences investment funds under Singapore Economic Development Board Investments Pte Ltd (EDBI).

About Paradigm

The race to define the therapeutic utility of the thousands of uncharacterised human proteins is the new hallmark of modern drug discovery. Unlocking the precise physiological function of these proteins is a vital prerequisite of rational drug development.  Paradigm has established a powerful genetics based platform that is generating detailed information and intellectual property on the physiological role, and hence the potential therapeutic utility and value of novel targets identified from within the human genome. Over 1,000 potential drugable targets have already been identified, of which more than a quarter the most exciting are well advanced within its biological validation program. Paradigm is focussing its efforts on therapeutic areas of high unmet medical need such as obesity, central nervous system disorders and cancer and has already characterised targets that represent novel therapeutic points of intervention in some of these key disease areas. Paradigm's commercial strategy is to develop both monoclonal and small molecule drugs to these targets in partnership with other drug development companies. The company has already formed a broad-based collaboration with Genmab for the development of therapeutic antibodies.

Paradigm Therapeutics was founded by Dr Mark Carlton and Dr Samuel Aparicio (also an investigator in the University of Cambridge Dept' of Oncology) and was spun-out from the University of Cambridge with initial research funding from Catalyst Biomedica Limited (a subsidiary of the Wellcome Trust). Both the University of Cambridge and Catalyst Biomedica are shareholders in Paradigm.

On 9th December 2002 the Company announced the successful completion of a second round of private equity funding totalling approximately £12 million. Bio*One Capital of Singapore and UK based Technomark Medical Ventures acted as co-lead investors for the round. Other investors included Paradigm's existing UK-based investor Avlar BioVentures Fund I as well as Avlar BioVentures Fund II.Ê Genmab A/S also made a minority investment following the recently established alliance with Paradigm to develop therapeutic antibodies to Paradigm's novel drug targets.

The Company has grown to employ 30 staff and consultants. For more information about Paradigm, visit www.paradigm-therapeutics.com.

About Bio*One Capital

Bio*One Capital (Bio*One) manages biomedical sciences investment funds under EDB Investments Pte Ltd (EDBI), the wholly-owned investment arm of EDBI.ÊÊ Bio*One aims to enhance the level of Biomedical Sciences economic activities in Singapore, as well as to generate long-term capital gains for the funds. For more information, please visit www.edbi.com

EDBI manages funds in excess of US$3 billion and is among the pioneers of Singapore's Venture Capital investors, with 15 years VC investment experience.  EDBI and its subsidiary venture capital and specialty funds have invested in about 200 projects covering wide range of businesses inside and outside Singapore.

For further information, please contact Mark Carlton, CEO:

Telephone +44 (0)1223 222600 (mobile +44 7799 411 139)

E-mail: markcarlton@paradigm-therapeutics.com 

Paradigm Therapeutics Limited, 214 Cambridge Science Park, Cambridge, CB4 0WA