Hepacondar Gains Recognition as a Promising Drug

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Hepacondar Gains Recognition as a Promising Drug

From the PharmaLive.com News Archive - Aug. 27, 2007

SYDNEY, Australia. 27 August 2007. Giaconda Limited (ASX: GIA) today

announced that Hepaconda®, its product for the treatment of Hepatitis C

virus (HCV), was listed in Thomson Scientific’s quarterly publication “The

Ones To Watch”* as one of “The Five Most Promising Drugs Entering Phase II

Trials”. Hepaconda® was the only gastrointestinal therapy noted in the

report which covers new drug approvals and promising candidates entering

Phase II and Phase III clinical trials.

The Company announced the commencement of the Phase IIa clinical trial of

Hepaconda® for the treatment of Hepatitis C virus (HCV) genotype 1

refractory to current therapy on 25 June. Giaconda expects to report on the

trial results in Q1 CY 2008.

Genotype 1 Hepatitis C virus has the lowest response rate to standard

treatment compared to other genotypes and carries a higher risk of

post-treatment relapses and progression to liver cirrhosis and liver cancer.

The current standard treatment for chronic HCV has limited efficacy,

especially in genotype 1 and poor tolerability with the result that many

patients cease treatment.

“The cost of Hepatitis C to the Australian healthcare system was $156

million in 2004/5 and in 2006, 197,000 Australians were estimated to have

chronic Hepatitis C. The cost to the healthcare system in the USA is

currently estimated at US$600 million,” said McLean, Chief Executive

Officer of Giaconda.

“We are delighted that a prestigious institution like Thomson Scientific

recognizes the potential value of our product. Hepatitis C is a significant

health issue across the globe and a significant number of patients fail

conventional treatment. We are committed to developing an alternative for

these patients and we believe that Hepaconda® may offer such an

alternative,” he added.

***

About Giaconda Limited

Giaconda Limited is a biotechnology company involved in developing and

licensing innovative and cost effective medical therapies in the field of

gastroenterology. Giaconda’s products are targeted towards the treatment of

serious conditions that are not adequately addressed by any existing

therapy. In this way, Giaconda’s products are intended to satisfy these

significant unmet medical needs of the gastrointestinal market. The Giaconda

portfolio consists of five products, all of which are novel combinations of

known compounds. Giaconda has two lead products, Myoconda® for the treatment

of MAP (Mycobacterium avium paratuberculosis) infection in Crohn’s Disease

and Heliconda® for the treatment of resistant Helicobacter pylori infection.

For more information please visit www.giacondalimited.com

About Hepaconda® – A combination therapy for the treatment of Hepatitis C

Virus

Hepaconda® is a combination of bezafibrate and chenodeoxycholic acid. It has

been demonstrated in clinical trials that chenodeoxycholic acid, when used

as a single compound, reduced Hepatitis C infection (HCV) and improved liver

function in patients who have failed existing therapy. Bezafibrate has been

shown to eliminate HCV, therefore the combination of bezafibrate and

chenodeoxycholic acid appears to offer an advantage over current treatment.

A Phase IIa clinical trial on Hepaconda® is now in progress.

About Hepatitis C Virus

Hepatitis C Virus affects 3.1% of the world’s population and is currently

the number one cause for liver transplantation in the United States. In

Australia, current numbers of individuals diagnosed with newly acquired HCV

infections have been estimated to be in excess of 242,000 with over 50% of

cases located in NSW alone. There are six primary genotypes of HCV and

studies show that 70-75% of all infections are of the genotype one variety.

Currently the most effective treatment for chronic HCV includes a

combination of the drugs interferon alpha and ribavirin. This treatment is

associated with a number of side effects and is only effective for 42 – 46%

of patients, leaving a large portion with no effective therapy.

Except for historical information, this news release may contain

forward-looking statements that reflect the Company’s current expectation

regarding future events. These forward looking statements involve risk and

uncertainties, which may cause but are not limited to, changing market

conditions, the successful and timely completion of clinical studies, the

establishment of corporate alliances, the impact of competitive products and

pricing, new product development, uncertainties related to the regulatory

approval process, and other risks detailed from time to time in the

Company’s ongoing quarterly and annual reporting.

CONTACTS:

Company

Media & Investor Relations

McLean – Chief Executive Officer

Fay Weston – Talk Biotech

T: +61 2 9370 0069

T: +61 422 206 036

E: pmclean@...

E: fayweston@...

Fay Weston

Director

Talk Biotech

T: +61 (0)2 8812 5030

M: +61 (0)422 206036

E:fayweston@...

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