Biologics drug developer Circadian Technologies (ASX:CIR,...

Biologics drug developer Circadian Technologies (ASX:CIR, OTCQX:CKDXY) has been granted a trading halt by the ASX with its shares placed in pre-open.

CIR requested the halt pending details of a significant event relating to funding.

The company is focussed on ophthalmic disease therapies, and controls exclusive worldwide rights to an intellectual property portfolio around Vascular Endothelial Growth Factor (VEGF)-C and -D.

The applications for the VEGF technology, which functions in regulating blood and lymphatic vessel growth.

Last month the company was allowed a key patent for VEGFR-3 traps in the U.S.

The halt will last until the opening of trade on Monday 6th October 2014, or earlier if an announcement is made to the market.