Australian biotechnology firm Circadian Technologies (ASX: CIR) is restructuring and plans to evolve from a biotech incubator to a drug development company which will specialise in cancer treatments.

Circadian has appointed a product development review group, which includes both the former head of development and the former project team leader from US biotech Amgen.

The group will oversee the company's commercialisation of cancer treatment drugs based on its VEGF inhibitors, developed by subsidiary Vegenics.