MELBOURNE, Australia, August 28 /PRNewswire/ --

Cancer Therapeutics CRC Pty Ltd (CTx) has commenced operations as one of
the largest public/private partnerships of its type in the world.

Underpinned by AUD$148 million in funding over seven years, including
AUD$37.6 million from the Australian Commonwealth Government, CTx addresses
the gap between Australia's excellent academic cancer research base and its
ability to discovery and develop new drugs to treat cancer.

The company is now seeking projects -- "big ideas about small molecules"
-- from research organisations in Australia. One of the first projects is
to discover and develop compounds directed at BNO69, the CTx participant
Adelaide-based Bionomics Limited's own proprietary cancer target.

The CTx will create a dedicated drug discovery capability and drive the
discovery, development and commercialisation of new compounds against
in-licenced novel molecular targets from research organisations and small
biotechnology companies across Australia, and in some cases overseas.
Ultimately this will lead to the development of more effective cancer drugs.
The innovative approach of CTx, funded under the Commonwealth Government's
Cooperative Research Centre (CRC) scheme, will transform the discovery and
early development of new therapies that might otherwise languish from a lack
of supporting funds, resources and expertise.

Dr Julian Clark, Melbourne-based CEO of CTx, says: "While organisations
such as Australia's National Health and Medical Research Council (NHMRC) and
the Australian Research Council (ARC) provide excellent support for
researchers and organisations pursuing basic scientific investigation,
continuing financial support for further development of potential commercial
targets has proven problematic. This is largely due to the inherent increased
risks and the accelerating costs in any attempts to translate promising
compounds into prospective drugs and the lack of funds for early stage
medicinal chemistry. The scarcity of intellectual and financial capital for
this essential part of the drug discovery process between the lab bench and
the clinical drug development process is Australia's great funding gap.

"CTx will provide an integrated and coherent pathway for drug discovery,
commercialisation and clinical development. Currently, the standard model of
drug development can present a frustrating conundrum for medical researchers.
The discovery of a new compound, which may well possess the qualities to be
transformed into a new drug, requires further substantial investment to
properly demonstrate its potential. At this point, research organisations
operating on tight budgets and with limited development experience and/or
capabilities feel that further investment is beyond their grasp. In addition,
pharmaceutical companies are reluctant to take on the development of
compounds at a very early stage because their likelihood of success has not
been established. Consequently, a promising compound often fails to reach
even the early clinical testing phase."

Dr Ian Street, Chief Scientific Officer of CTx, adds, "That's where CTx
comes in. We have a unique combination of skills, ranging from independent,
expert scientific assessment and validation through to drug development,
commercialisation and clinical application. CTx is now establishing its drug
discovery operations in key locations throughout Australia and has already
identified a number of exciting projects to initiate its development
programs."

For more information
    Cancer Therapeutics CRC Pty Ltd CEO
    Dr Julian Clark Tel: +61-3-9345-2612
    e-mail: jclark@wehi.edu.au



Notes to editors:

CTx has created a world-class translational research organisation
headquartered at The Walter and Eliza Hall Institute's Biotechnology Centre
at Bundoora, in north-eastern Melbourne, Victoria and brings together
Australia's foremost expertise in cancer biology, translational oncology and
drug discovery to produce high-quality novel drug candidates for further
clinical development and commercialisation. CTx will also attract high
quality PhD students to increase Australia's capacity in medicinal chemistry.

The Commonwealth Government CRC Program emphasises the importance of
collaborative arrangements to maximise the benefits of research through an
enhanced process of utilisation, commercialisation and technology transfer.
It also has a strong education component with a focus on producing graduates
with skills relevant to industry needs. Organisations participating in CTx
include:

-- Bio21 Australia Limited, Melbourne
    -- Bionomics Limited, Adelaide
    -- Cancer Council of Victoria, Melbourne
    -- Cancer Research Technology Limited, London
    -- CSIRO Molecular Health Technologies, Melbourne
    -- Griffith University, Brisbane
    -- Millipore Corporation, Sydney
    -- Monash University / Victorian College of Pharmacy, Melbourne
    -- Peter MacCallum Cancer Centre, Melbourne
    -- St Vincent's Institute, Melbourne
    -- The Walter and Eliza Hall Institute, Melbourne