Autogen - re: CHF Takes strategic srategic stake >LuckyIrish -...

Autogen - re: CHF Takes strategic srategic stake << Anyone know anything about Autogen? >>

LuckyIrish - page down for details about the work done by Autogen.
Also note that Autogen plan to list on NASDAQ within a year.
Speculation is that the market is going bullish on bio-tech.
Pratt and Packer continue investing in this sector.
Autogen is an interesting stock with plenty of scope.
AGT trading just below 60c.
The options (AGTO) have a long time to run - exp. March 2010.

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CHARTER PACIFIC CORPORATION LIMITED 2002-07-01 ASX-SIGNAL-G
HOMEX - Brisbane

+++++++++++++++++++++++++
Brisbane-based investor Charter Pacific Corporation Limited (CPC)
(ASX - CHF) today announced the acquisition of the 19.9% of the
issued and outstanding shares of Autogen Limited (ASX - AGT)
previously held by Edensor Nominees Pty Ltd, a company associated
with Mr Joseph Gutnick and the major shareholder in Autogen.

Mr Gutnick has resigned his positions as Chairman and Managing
Director of Autogen and has no further involvement with or control of
the company. Non-Executive Director Dr David Tyrwhitt has also
resigned from the Board of Directors.

Mr Kevin Dart, the Chief Executive Officer of CPC, has been appointed
to the Board of Autogen and announced the appointment of corporate
lawyer Brett Heading as Acting Chairman pending the selection and
appointment of a Chairman. Mr Heading is an experienced public
company Director and also sits on the Takeovers Panel and the Board
of Taxation.

Former COO of the company, Professor Gregory Collier, has been
appointed CEO and Managing Director.

Mr Dart said the priority focus of the new Board will be the
reduction of expenses and overheads, and support for Professor
Collier in the continuation of his negotiations with potential
commercial partners for the company.

Other significant shareholders in Autogen include the European
pharmaceutical giant Merck-Lipha, which has a 14.99% interest in
Autogen, the Queensland Investment Corporation with 7.4% and
Zurich-based Cantrade Biotech Fund.

Autogen is an Australian biotechnology company engaged in gene and
protein discovery. It utilises its eXpress Technology Platform in all
phases of research and development including new target discovery,
target validation and functional genomics to support the development
of genetic targets and new therapeutics.

The Company currently focuses on the diseases of diabetes, obesity,
depression, and anxiety. Under its agreement with Merck-Lipha,
Autogen's partner in its diabetes and obesity program, Merck-Lipha
has already committed over $34 million to Autogen and the program has
been very productive with two major discoveries achieving key
development milestones and over 40 gene discoveries have been filed
in the USA for patent protection.

In addition, a key collaboration with large US biotech SEQUENOM
(NASDAQ: SQNM) to access Autogen's high throughput eXpress Technology
Platform to validate and characterise genetic targets was formulated
this year. Autogen also has a licensing agreement with Kyokuto Japan
for the application of patented technology Autogen has in the area of
type 1 diabetes and they have a diagnostic kit for type 1 diabetes in
late stages of development. Autogen is also raising its profile in
the USA with its Center of Statistical Genomics in San Antonio, Texas
headed up by a member of its scientific advisory board Dr John
Blangero.

On top of this solid foundation of International agreements with key
pharmaceutical and biotechnology companies, Autogen is actively in
discussion with a number of international companies exploring new
opportunities with their Depression and Anxiety Program and various
single gene targets aimed at development of new therapies for key
disease areas.

Kevin Dart said that his investigations had indicated the strong
potential to capitalise on the outstanding work of the company's
Australian scientists.

"Autogen has previously announced its intention to pursue a NASDAQ
listing in the USA and only last week Professor Collier held a series
of meetings in New York with the Bank of New York, NASDAQ officers
and leading bankers and brokers and other potential stakeholders.

"In the knowledge that the US market values a genomics platform
company between US$200 million and US$600 million, we certainly
intend to generate a better understanding of Autogen's business model
in the market here and in the USA. We will also pursue the intention
to list on the NASDAQ in the USA using American Depositary Receipts
(ADRs); those discussions commenced in May and our target for
completion is the first half of 2003, or earlier if possible," said
Mr Dart.

For further more detailed information on the company Autogen Limited,
we recommend accessing Southern Cross Equities' Research report on
the company; telephone Stuart Roberts on (02) 9231 0880 or on email
at [email protected]. Also available on the Charter Pacific website
www.charpac.com.au or the Autogen website www.autogenlimited.com.au