Circadian boosts neuroscience investment

Circadian Technologies (ASX:CIR) has added another string to its neuroscience bow with an investment in new Melbourne research.

In an agreement with the Howard Florey Institute, Circadian will inject AUD$400,000 over five years into a project looking for new compounds to treat neurodegenerative disorders such as stroke, Parkinson's and Alzheimer's disease.

The research, which takes Circadian's neuroscience portfolio to five projects, is to be based at the National Neuroscience facility in Melbourne.

But the company was tight-lipped over details of the project today, saying the work was at too early a stage to comment on.

Circadian managing director Leon Serry said both parties were bound by strict confidentiality agreements over the details of the project.

"It is at a very early stage. They don't even have a compound yet," Serry said. "We can't say much because it is not fair to the technology and we haven't patented anything."

He declined to reveal whether the research would take a new approach to treating neurodegenerative disorders, saying that further detail would be released once compounds were identified.

Under the agreement, Circadian and the Howard Florey Institute will each hold a 50 per cent stake in the project.

In addition to the latest project, Circadian has total ownership over the development of a new treatment for Alzheimer's disease based on inhibiting p75 nerve growth factor receptors in the brain.

The company also has an 86 per cent stake in a program looking for new analgesics with similar properties to morphine but without central nervous system side-effects; a 60 per cent holding in a memory enhancement project with the University of Sydney; and a 42 per cent interest in a program examining ways of delivering antisense compounds to the brain, which is being funded by Syngene.

At the time of writing, Circadian was trading up 1.3 per cent at $2.35.