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Norwood Immunology (NIM)

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For more information on what a Blue Book is, please click here.
Sector Industry Group Sub Industry Disease Target
Life Sciences Biotechnology Immunology Cancer, Transplantation, Viral and Auto-immune Diseases
Company Overview
Norwood Abbey has two business divisions – Norwood Devices and Norwood Immunology. Norwood Devices is 100% owned by Norwood Abbey and includes drug delivery technologies and the EyeCare Epi-LASIK products.
Norwood Immunology (NIM) is a subsidiary that is 85% owned by Norwood Abbey and is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. This report will focus on Norwood Immunology. Norwood Devices is discussed in a separate report in the Blue Book.

Norwood Immunology (NIM) is developing a technology platform aimed at rebuilding the human immune system by regenerating a dormant thymus gland which then produces new T cells.

Strategy
Norwood's strategy is to license-in and further develop technology/research discoveries and to build a strong IP portfolio. The Company has established commercial partnerships with pharmaceutical and medical device companies to bring the technology/research discovery to market to address unmet medical needs in healthcare. NIM has partnerships and licensing arrangements in with the TAP Pharmaceutical Products, Monash University and the National Stem Cell Centre in Australia.

Key Executives
Richard Williams, Chief Executive Officer:

Dr. Richard Boyd, Chief Scientific Officer:

Dr. Suzanne Lipe, Chief Operating Officer:

Richard Scarrott, Chief Financial Officer:

Medical and Scientific Advisory Board and Clinical Investigators:: Eight international clinicians and immunologists from world-renowned centres including Memorial Sloan-Kettering Cancer Center, New York; Dana-Farber Cancer Institute, Boston; MD Anderson Cancer Center, Houston; Royal Free Hospital, London: Peter MacCallum Cancer Institute and Alfred Hopsital, Melbourne.
Key investment information
Market Cap: $0.0M

Capital Structure (M)
Ord shares on issue: n/a
Options (fully diluted): n/a
Convertible notes/other: n/a

Price as at n/a: n/a
12 month H/L: n/a - n/a
Market turnover (pa): n/a
Official listing date: n/a


Cash Position
Cash : n/a
Years with
planned expenditure: n/a

Company contact

Bernie Romanin
SVP Corporate Development
[email protected]
61 3 9782 7333
www.norwoodimmunology.com

Main Company R&D Projects - Major Technology & Market
1: Immunology Project
Target Market: US$3B Norwood Immunology is developing technologies for using GnRH analogue drugs to stimulate and rebuid the human immune system. NIM has shown that GnRH analogues rejuvenate the immune system through re-growth of the thymus gland, and the production of new T cells, as well as improving the immune response. NIM is specifically focusing on new indications for Lupron Depot (TAP Pharmaceutical Products Inc. USA), a GnRH analogue drug that has been marketed for over 10 years with a well known safety profile. NAL has extensive patents and patent applications on the use of GnRH analogue drugs relating to immunology and regenerating the thymus.
NAL has signed an exclusive partnership with TAP, a US$4B JV between Takeda Chemicals and Abbott Laboratories, to commercialise the technology. First royalty revenues are expected in late CY2006. Norwood Immunology floated on the London AIM Exchange in June 2004 at a valuation of A$120M. The primary focus for the new uses of Lupron® Depot indication are applications related to cancer. In addition, the rejuvenation of the adult immune system has potential applications in the treatment of viral disorders – including HIV/AIDS, and auto-immune diseases such as multiple sclerosis and rheumatoid arthritis. It is possible that the rejuvenation of the immune system might also enable the creation of tolerance in both organ and stem cell transplants. FDA approved Phase II clinical trial in Bone Marrow Transplant patients is expected to start in H1 2005

Stage: Phase II Clinical Trials

Aegis Equities Comments
Market Position: We address NAL’s Immunology division only here and comment on Norwood Devices on the preceding page. NIM’s rights to thymus rejuvenation IP has major market potential. NIM’s IP shows that a GnRH analogue can revitalize the thymus to make new T cells, rebuilding general immune activity (as needed by AIDS patients) and triggering specific immune responses (as needed by cancer vaccines). The GnRH analogue is a commonly used, FDA approved drug for other indications. Successful Phase 2/3 immunogenic trials would create huge market demand.

Milestone Record: NIM made solid progress in the Dec-04 quarter: NIM’s first human trial to test Lupron’s ability to enhance T-cell function in bone marrow transplant (BMT) patients achieved full enrolment. In early Feb-05 an Investigational New Drug application for commencing a Phase II trial of Lupron in BMT patients in the US was accepted by the FDA. Trial participants include some of the US’s leading cancer centres. Draft protocols were also developed for a melanoma vaccine study and a study to increase understanding of Lupron’s effect on the thymus.

Risk Profile: NIM faces clinical trial risks proving Lupron can effectively stimulate the immune system. Imitators will enter the market if Phase 2/3 trials succeed, but this risk is mitigated by partner TAP’s GnRH dominance and cash resources, NAL’s proprietary data on treatment protocols and the combined patent portfolios of NAL and TAP. Both NIM and parent NAL have directors with impressive pharma credentials.

Share price performance

Source: Bloomberg



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