AAHX Arana Therap.

RNS Number:2757H
Arana Therapeutics Limited
08 November 2007


For Immediate Release                                            8 November 2007



       New Direction, New Name, New Future and Momentum for International
                           Biopharmaceutical Company

      Peptech renamed Arana Therapeutics and launches new business strategy

   * Arana Therapeutics Name Change Approved by Shareholders
   * Strong Financial Position: Cash Balance of $169.0 Million
   * Cash Reserves Support Rapid Development of Enhanced Product Pipeline
   * Recurring Revenues from International Licensing and Commercialisation
     Agreements
   * Experienced Management Team and Board to Lead Arana Therapeutics Into
     Next Phase of Growth

8 November 2007 Sydney, Australia: Peptech Limited (ASX: PTD, (AAH pending),
AIM: AAHx), the Australian biopharmaceutical company focused on the development
of antibody and peptide products for the treatment of inflammatory diseases and
cancer, today announced shareholders have voted in favour of an official name
change to Arana Therapeutics Limited. The company's ASX code will change to
"AAH" early in week commencing Monday 12 November 2007 and its code on the
London Stock Exchange has been changed to "AAHx".

Arana Therapeutics, created by the merger of Peptech Limited and EvoGenix
Limited in August 2007, is a globally significant player in the fast-growing
antibody therapeutics sector, focussed on developing antibody/protein based new
generation products and platforms for the treatment of inflammatory diseases and
cancer.

With a market capitalisation of around $250 million, Arana Therapeutics has an
enhanced product pipeline, an exceptionally strong balance sheet, recurring
revenues from licensing and commercialisation agreements with international
companies including GSK, CSL, Centocor (J&J) and Abbott Pharmaceuticals, and an
enhanced product pipeline.

Mr Robin Beaumont, Chairman of Arana Therapeutics commented: "This final step in
the merger of Peptech and EvoGenix creates a true global player in the antibody
therapeutics sector. As well as critical mass, Arana Therapeutics has the right
mix of people, skills, technologies and most importantly financial backing to
achieve international recognition. Our key focus now is to rapidly develop our
exciting product pipeline."

"Shareholders will benefit from our strong cash flows and the global scale
created through this merger, which not only boosts the company's
competitiveness, but also lowers the risks associated with developing a
multi-drug pipeline," Mr Beaumont added.

A new strategic plan has been developed and approved by the Board, which commits
Arana Therapeutics to expanding and accelerating the development of its internal
clinical pipeline, leveraging the company's technology platforms to in-license
new drug candidates, minimising and managing drug development risk and seeking
commercial partners at the optimum stage of drug development.


Within three years, Arana Therapeutics expects to have 2-3 Phase II/III assets,
2-3 assets at Phase I or Investigational New Drug stage, 3-4 preclinical
programs, an expanded IP portfolio and a number of new technology deals
generating recurring revenues.

Commenting on the company's strong financial position, Arana Therapeutics CEO,
Dr John Chiplin said: "While we continue to report an extremely strong financial
position, the Board and management continue to be concerned that the share price
does not appropriately reflect our value."

"We have cash of $169 million; a receivable from GSK in relation to the sale of
Domantis of $17.7 million; and ongoing royalties and licence fee revenues which
could be valued at a minimum of $65 million. These amounts represent $1.07 per
share and with a current share price of around $1.12 per share, means that the
market is only valuing our technology at $0.05 cents per share or around $12
million."

"The company has never been so well positioned for future growth. New generation
antibody companies are achieving substantial valuations judged by the recent and
ongoing M & A activity in this field," Dr Chiplin added.

"Over the coming weeks, I will be conducting roadshows in Australia, USA and UK
with existing and potential investors highlighting the company's value including
the recent AVEO licensing transaction and the successful completion of the Phase
I trial for ART621 (formerly PN0621)."

"We are delighted with the EvoGenix merger. The two companies are now integrated
and we are focussed on the development of our product pipeline and the
enhancement of our powerful product engine," Dr Chiplin said.

Further, the company has determined that as the animal health business is not
aligned with the ongoing strategy of the company, an early exit from this
business will be vigorously pursued.

A focus on the antibody sector positions the new company in what is currently
the most dynamic area of the pharmaceutical industry with major companies
establishing antibody capabilities through acquisition. These have included
transactions between Astra Zeneca/CAT; Astra Zeneca/Medimmune and GSK/Domantis.

Antibodies have already proved their value transforming the treatment of cancer
and inflammatory diseases like rheumatoid arthritis. Many antibody products
reaching the market have gone on to achieve blockbuster status - sales of
greater than US$1 billion annually. More than 50% of the growth in all drug
sales over the next 5 years is expected to come from new and existing antibody
products.

Management Team

To support the direction and growth of Arana Therapeutics, a new management team
has been established which combines the very best of the Peptech and EvoGenix
teams with a strong record of achievement in the sector. The Arana management
team is focused on executing revenue generating deals, accelerating clinical
development of the expanded drug portfolio and identifying new growth
opportunities.

The new management team, led by former Peptech Chief Executive Officer Dr John
Chiplin, includes Dr Rob Crombie (VP Business Development, Technology), Dr David
Fuller (Chief Medical Officer), Mr Niall Henderson (Chief Financial Officer), Dr
Cliff Holloway (VP Business Development, Products), Dr Phil Jennings (Chief
Scientific Officer) and Dr Steffen Nock (President, US Operations).

The combined team has a proven track record in executing major commercial deals,
defending and capitalising on its IP, managing product development from the
bench top to market, and international regulatory and market approval.


Board of Directors
The Board is represented by a diverse and highly credentialed group of people
and has been restructured to support the globalisation and accelerated
development of the company. Mr Robin Beaumont is acting as Interim Chairman
during the search for a permanent Chairman. Robin joined Peptech's board in
August 2007 and was Managing Director of the Advent Venture Capital group until
1998. He is currently Chairman of Select Vaccines Limited.
In addition to Robin, the Board of Directors are Mr Bill Bartlett, Mr Greg Bundy
, Dr Lincoln Chee, Dr John Chiplin, Mr Chris Harris, Dr Phil Jennings and Dr
George Jessup.

Investor Road show & Presentation

Dr John Chiplin will be presenting the Arana Therapeutics new business strategy
to new and existing investors and attendees as part of an international (USA and
UK) and national road show commencing in November 2007.

Arana Therapeutics will also be presenting at upcoming international conferences
over the coming month:

   *BioEurope 2007, November 12 - 14 Hamburg, Germany
   *Prague Scientific, November 15
   *Annual Forum of the Antibody Engineering Community, December 2-6, San
    Diego


Further information:

About Arana Therapeutics:
Arana Therapeutics (ASX: AAH (pending); AIM: AAHx) is an international
biopharmaceutical company formed through the merger of Peptech and EvoGenix in
August 2007. The company uses superior technology to develop next generation
drugs that will improve the lives of patients with inflammatory diseases and
cancer.

Arana Therapeutics' innovative engineering technologies provide the basis for
clinical development in the antibody space, a market which draws on high demand.
With a market capitalisation of around A$250 million and solid cash resources,
Arana Therapeutics has the financial stability and management expertise to
accelerate its clinical programs, and is on track to have at least 3 clinical
stage assets within three years.

Arana is listed on the Australian Securities Exchange (ASX) and the London Stock
Exchange (AIM).

The lead pipeline consists of four lead drug programs: ART621 to treat severe
rheumatoid arthritis and other inflammatory diseases; ART010 to treat
osteoporosis and bone cancer; ART104 to treat solid tumours in colorectal
cancer; and ART150 for lung cancer and melanoma. Additionally the company has
earlier stage products in development for the treatment of a range of conditions
including age related macular degeneration, psoriasis, colorectal cancer, and
leukaemia.

The most advanced drug candidate ART621 will commence Phase II clinical trials
in 2008. In development for the treatment of severe rheumatoid arthritis, and
other inflammatory disorders, ART621 has been shown to be well-tolerated in
healthy volunteers at a variety of dose levels when administered intravenously
or under the skin.

Arana has recurring revenues from commercial and development partnerships with
six international companies including GSK, CSL, Centocor (J&J) and Abbott
Pharmaceuticals.





Contact information:
Peptech Ltd
Dr John Chiplin, Chief Executive Officer                      +61 (0)2 9870 8788
Niall Henderson, Chief Financial Officer                      +61 (0)2 9870 8788
                                                                          

Buchanan Communication
Lisa Baderoon/Rebecca Skye Dietrich                          +44 (0)20 7466 5000
                                                                          

Nomura Code Securities
Charles Walker                                               +44 (0)20 7776 1206
                                                                          




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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