Cytopia picks up $3m grant

Melbourne oncology drug developer Cytopia (ASX:CYT) has been offered a AUD$3 million federal government Commercial Ready grant to expand clinical development of its lead anti-cancer drug CYT997.

The company will use the grant to make further studies of CYT997 in cancer models, and to develop an oral formulation of the compound, according to Cytopia's MD, Dr Kevin Healey.

"There is a major advantage in being able to produce an anti-cancer drug that can be administered either orally or intravenously," Healey said.

An intravenous formulation is currently in phase I trials in Australian cancer patients, after showing high promise in a range of animal tumour models, including breast, colon and prostate cancers.

According to the company, CYT997 has dual activity - it triggers apoptosis (programmed cell death) of cancerous cells, as well as shutting down angiogenesis, the growth of new blood vessels that supply fast-growing tumours with nutrients and oxygen. It appears not to induce drug resistance in tumour cells, a common problem that affects many leading cytotoxic anti-cancer drugs.