Epitan opts for name change

Melbourne-based Epitan (ASX:EPT) is planning to change its name to Clinuvel Pharmaceuticals.

Following Iain Kirkwood's replacement by Philippe Wolgen as the company's CEO in November 2005, an EGM will be held on February 23 to seek shareholder approval for the company's name change and to hear Wolgen present a 'refined' company strategy and clinical program for its lead product, EPT1647.

"From a top-down view, to have a company that sends out a message that we are Epitan, with the emphasis on 'tan', doesn't make sense if you want to reach mass markets," said Wolgen.

Last year, Epitan changed the name of its tanning drug Melanotan to EPT1647 to focus the drug's clinical trial strategy on polymorphous light eruption (PMLE), providing a clearer regulatory pathway so EPT1647 can be brought to market initially for specialist use for a defined patient population.

"Dermal darkening, which is what I call it, is a beneficial side effect [of EPT1647] but it's not really what it is all about," said Wolgen. "The drug will be positioned along a spectrum of UV related skin disorders. It shows a significant increase in melanin density, and hence protects people against various diseases, one which is chosen, PMLE, and the other disease is pending and will be announced."

If approved, the new name will encompass both Epitan and the company's wholly owned subsidiary EpiPharm, a dermatology procurement and distribution business.

The name Clinuvel was chosen after input from about 100 people, said Wolgen. "It involved staff, professionals, and market research," he said. "I was very keen on maintaining the UV symbol in it because the drug is related to UV skin disorders." He added that he would also like to incorporate 'UV' in the company's new ASX ticker.

Wolgen hopes that the changes relating to the company's name will be implemented by March 1. Asked if there were any disadvantages associated with changing the company's name, Wolgen said: "This unique drug is associated with an ingrained name, from Melanotan to Epitan, now to Clinuvel, so if there is any loyalty, it would probably be associated with Epitan. The disadvantage is the change in an established name."

Wolgen said he would use the EGM to give shareholders a detailed clinical program for EPT1647. "We owe it to shareholders so they know exactly when which trial starts and at which time we will reach the finishing line. We may be two or three months off, it cannot be two years off."

Shareholders at the EGM will also be voting on the prior issue of shares in a private placement last year which raised $6.9 million; the proposed issue of shares following an agreement with Absolute Capital Management worth up to $10 million over 18 months; the proposed subscription of shares by executive chairman Roger Aston and former CEO Iain Kirkwood; and the proposed issue of 1.5 million options to Wolgen.