2. Any domain name is "a UDRP candidate".
How true, how true!
But I venture to say that
@Yousaf Saeed actually setting up a website at this address with subject matter, content as described above, now,
that is almost for sure to result in UDRP action.
There is an old Russian military tactic called
разведка боем (reconnaissance through attack, battle) that I've found very useful in life, business... dating, love!
It's a little risky, obviously, but almost always gets the job done. Well, you might get your face slapped or lose a little face on occation, but the upside is usually way out of proportion (otherwise, don't emply this strategy!). There are ways to assure you can have your cake and eat it too,
@Yousaf Saeed... back to that in a sec...
You're a scientist, so may be risk averse. I am not. I'd go for it and see what happens... an UDRP being filed more likely as not. So what? Been there, done that, won two out of three (third one lost by not responding upon reflection that the domain in question was, well, not worth my time). What I'm trying to say, a UDRP case, while a nuisance, is not the end of the world. On the contrary, it may be an opportunity! Well defended, won, it sure as heck increases the sales value of the domain tenfold or more! Great publicity, too!
Now, back to your cake, namely the sizeable, mid to high $x,xxx investment developing the website, which you are worried about and rightly so. Well, short and dirty... why not simply set up your project and promote it at a secondary, reserve address. Then link the domain being contested to that secondary address. The proverbial red herring! And you defend it as if your life depended on it if/when the time comes! No matter the outcome, your investment remains safe and functional. And if you win, the contested domain, linking to the real website, will generate loads of interest and additional traffic.
So, played right, an UDRP can be your friend. And if there is no action taken, barring the occasional threatening letter, like the one you have already received, you can merge the two sites at your convenience. Or not.
Disclaimer: this is one possible strategy, what I may or may not do, depending on the intricaties of the case. This is not to say that this is the right course of action for you. I don't have enough information to offer reliable, actionable advice in this particular case.