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Regular news within the Australian biotech industry.

Agenix appoints GTH for NASDAQ listing

30 July 2001 – Blood clot-diagnostics and medical imaging development company Agenix Ltd today announced it had appointed GTH Capital, Inc of New York to establish an American Depository Receipt program and to advise it in relation to a listing on NASDAQ. The company believes it 'is a firm candidate for a NASDAQ listing' as it has good sales in North America, and its blue-sky-blood clot detection product Thromboview has been extensively tested at the University of California.

2 August 2001 – Agenix today announced the issue of 500,000 ordinary shares at 30 cents per share to help pay for the advisory services.

[Source: Company Announcement]

Anadis goes ahead with clinical trial

31 July 2001 – Anadis Ltd today announced that the Department of Gastroenterology at The Alfred, Melbourne, will conduct a pilot, or proof in principle, Phase II double blind placebo controlled study of its drug Pyloran. The drug is designed to reduce the bacterial burden of Helicobacter pylori, a common bacterial infection. H pylori is also associated with the development of gastritis, gastric and duodenal ulcers, and is causally linked to the development of some gastric cancers. Anadis says it is confident that Pyloran will be a safe and low cost adjunct to conventional therapy, a market which has been estimated at over $US5 billion. The company expects the trial to be completed within four months, subject to regulatory approvals.

[Source: Company Announcement]

Analytica – creditors approve DOCA

31 July 2001 – At a Creditors Meeting last week, creditors of Analytica Ltd unanimously approved the Administrators' recommendation to proceed with the Peter Jonson / Psiron Deed of Company Arrangement. Under the deed, a fund of $700,000 will be available to settle claims to creditors. A large part of this new equity will come from Psiron Ltd.

[Source: Company Announcement]

Australian Vaccine Technologies changes name

7 August 2001 – Australian Vaccine Technologies Ltd has changed its name to AVT Holdings Ltd. The motion was passed by special resolution at a meeting of shareholders on 10 May and took effect on 6 June.

[Source: Company Announcement]

Autogen identifies new candidate

10 August 2001 – Autogen Ltd has identified a key gene AGT-203 associated with diabetes. The gene maps precisely to a 'hot-spot' for genes linked with type 2 diabetes on human chromosome 3. AGT-203 is found predominantly in skeletal muscle, a key tissue involved in the development of diabetes. Autogen says it has found that when body weight and the symptoms of diabetes increase, the expression of AGT-203 in skeletal muscle decreased.

[Source: Company Announcement]

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Board appointments

7 August 2001 – Bionomics Ltd today announced the appointment of leading US-based biotech executive, Dr George Morstyn, as a non-Executive Director of the company. Dr Morstyn is currently Senior Vice President of Development and Chief Medical Officer of Amgen, the world's largest independent biotechnology company specialising in human therapeutics.

31 July 2001 – Foundation Healthcare Ltd today announced the appointment of Mr Ralph Shreeve as Managing Director of the group starting on 1 August. Mr Shreeve has a background in general management and performance consulting, with a particular focus on the Health sector. Foundation's decision to appoint a Managing Director comes as the company expands into two operating divisions, the existing General Practice business and the pending Ophthalmology business.

9 August 2001 – Polartechnics Ltd announced the appointment of Mr Jack O'Mahoney as a Director of the company. Mr O'Mahoney is a director and CEO of Cochlear Ltd.

9 August 2001 – Sonic Healthcare Ltd has appointed Dr Philip Dubois and Dr Hugh Scotton as Directors with effect from 31 July.

[Source: Company Announcement]

BresaGen unaffected by US cloning legislation

2 August 2001 – BresaGen Ltd today announced that a US ban on cloning human embryos would have no impact on the company's R&D program. The US House of Representatives this week voted to ban the cloning of human embryos for scientific research, paving the way for an outright ban on human cloning. Accordingly, the company's shareprice fell to all-time lows. However, BresaGen is developing an alternative cell reprogramming technology and is not involved in therapeutic or reproductive cloning of humans, the company said. A decision by the Bush administration to limit public funding to existing human cell lines would have positive implications on BresaGen because it is one of the few companies to have developed human embryonic stem cell lines.

[Source: The Age – Eric Johnston]

Cardia seeks funding agreement with IDI

2 August 2001 – Cardia Technologies Ltd is proposing to enter into a formal research funding agreement with the International Diabetes Institute under which Cardia would fund the 'Insulin Sensitising Factor' research project to be conducted by IDI. The proposal is to be decided by shareholders at a general meeting.

[Source: Company Announcement]

Cellestis wins FDA expedited review for Quantiferon-TB

30 July 2001 – The US Food and Drug Administration has advised Cellestis that its Quantiferon-TB approval application is to receive expedited review. While the commitment ensures a rapid review of the application, is does not constitute approval, nor does it guarantee that approval will ultimately be approved. Cellestis believes its planned schedule for obtaining approval of Quantiferon-TB by early 2002 is still appropriate.

[Source: Company Announcement]

Circadian makes a loss

31 July 2001 – Circadian Technologies Ltd has reported a net consolidated loss after income tax for the year ending 30 June of $1.5 million, compared to a net profit of $1.2 million last financial year. The company partly puts this down to expensing the project development costs of two new companies, Antisense Therapeutics Ltd and CancerProbe Pty Ltd. Other expenses included research and development and patenting costs. Circadian has significant shareholdings in Optiscan Imaging Ltd, Metabolic Pharmaceuticals Ltd, Axon Instruments Inc and Amrad Corporation Ltd.

[Source: Company Announcement]

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Clone International buys Dolly licence

10 August 2001 – Melbourne based company Clone International has bought the exclusive rights within Australian and New Zealand to the technology used to make Dolly the sheep. In partnership with New Zealand cloning company, AgResearch, Clone International plans to replicate breeders' prized animals. The company hopes to be the first company to clone a horse – champion male racehorses are usually castrated, leaving cloning as the only way to pass on its genes. Given the expense of cloning an animal, Clone International will be looking to clone animals worth over $500,000.

[Source: The Age – David Wroe]

Cochlear acquires core technology for $4.3m

6 August 2001 – Cochlear Ltd today announced that it had acquired core technology in the form of patents and know-how from the receiver in the insolvency proceedings of Implex AG Hearing Technology for about $4.3 million. Cochlear says the new intellectual property will strengthen its existing portfolio in the implantable hearing device field. The new technology will be used in current and future R&D projects, the company says. The purchase was funded by existing cash flows.

[Source: Company Announcement]

Faulding attracts more interest

30 July 2001 – The Australian Financial Review has reported that investment banking representatives of a US-listed group has contacted FH Faulding about the possibility of making a competing bid to the Mayne Nickless bid already on the table. The new entrant has been described as an international generic pharmaceuticals player with a market capitalisation of $US6 billion to $US8 billion, and is believed to have a particular interest in the oral pharmaceuticals business. Both Ivax Corp and Biovail Corp, a Canadian group, fit the description – Biovail has been competing with Faulding's US generics business, Purepac, for some time. Baxter is believed to be interested in Faulding's hospital injectables business, which is being bought by Teva Pharmaceuticals.

[Source: The Australian Financial Review – Brett Clegg]

3 August 2001 – Mayne's offer to Faulding shareholders officially opened today as Mayne Nickless begins mailing shareholders details of the immediate and future value of the bid. The offer is scheduled to close on 14 September.

[Source: Company Announcement]

Faulding reports good profits

7 August 2001 – FH Faulding & Co Ltd today announced a net profit after tax of $106 million for the financial year, a 35.4 per cent increase on the previous year. The group had a 17.5 per cent increase in sales revenue to $2.734 billion, and a 12.2% increase in R&D expenditure to $77.8 million. Particularly strong was the group's pharmaceuticals division which posted an increase in earnings before interest or tax of 29.8 per cent to $118.5 million. Faulding has declared a final dividend of 16 cents, taking the full year dividend to 28 cents.

[Source: Company Announcement]

Genesis revenues up

7 August 2001 – Genesis Research and Development Corporation Ltd today announced revenues for the six months to 30 June of $12.6 million, up 65 per cent, and a net deficit for the period of $1.7 million. Expenditure on R&D during the period rose to $11.3 million, which is up 30 per cent. The company says it has sufficient cash reserves to fund its current and planned R&D activities for several years. Genesis plans to increase expenditure in the second half of 2001 as it expands its clinical trial programs.

[Source: Company Announcement]

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Genetic Technologies appoints GTH for NASDAQ listing

2 August 2001 – Genetic Technologies Ltd today announced the appointment of GTH Capital, Inc of New York to establish an American Depository Receipt program and to advise it in relation to a listing on NASDAQ. Genetic Technologies believes that the main focus of the current licensing roll-out of its genetic patents will be in the US, and that having a US listing will enhance its profile with the US investment community. The company has been expanding its activities in the US, recently increasing its holdings in Colorado based Cytomation, Inc to around 10 per cent. Cytomation manufactures flow cytometers and other bioinstrumentation.

[Source: Company Announcement]

Genetic Technologies completes purchase of DNA-ID

30 July 2001 – Genetic Technologies Ltd today announced the completion of its purchase of DNA-ID Labs in Perth. Genetic Technologies already controls the largest accredited DNA paternity testing group in Australia. The company is looking into further opportunities in the DNA service testing market in Australia and Asia, and is also considering moving into plant and animal testing. The sale was made with a combination of cash and shares. 94,340 new ordinary shares at 51 cents per share are being issued in Genetic Technologies as part of the acquisition.

[Source: Company Announcement]

GroPep reports growth

31 July 2001 – GroPep Ltd has posted a profit of $35,000 for the year ending 30 June, a figure that Managing Director Dr John Ballard was pleased with given that the prospectus forecasted a loss of $564,000. The company spent $4.98 million on R&D, a 59 per cent increase on last year, but has also increased its total revenue by 48 per cent to $9.62 million. The increased revenue was partly attributed to a 26 per cent rise in sales of growth factors during the year.

Among recent developments for GroPep, the company has completed its Phase II trial of a growth factor treatment for diabetic neuropathy. It has expanded its manufacturing capacity for cell culture growth factors, and has jointly formed a new company, TGR BioSciences Pty Ltd, with Adelaide's Child Health Research Institute, Flinders University, University of South Australia, the Dairy Research and Development Corporation and Macquarie University, to conduct discovery research in the proteomics area.

[Source: Company Announcement]

Healthscope equity raising

2 August 2001 – Private hospital operator Healthscope Ltd said today that its $10.7 million equity raising closed oversubscribed, the Australian Financial Review reported. The placement of 6.58 million new shares at $1.62 per share was announced on 31 July via an underwritten bookbuild. Healthscope said that the funds will be used to reduce debt following the recent acquisition of three hospitals. The company is looking to expand and the reduced debt puts it in a position to take advantage of future opportunities.

As reported in the Australian Financial Review on 1 August, a likely opportunity will arise when Mayne Nickless sells off the four hospitals required of it by the ACCC after it acquired Australian Hospital Care.

[Source: The Australian Financial Review – Brett Clegg]

IBA signs contract with Kettering, South Manchester

9 August 2001 – Australian health solutions provider, IBA Technologies Ltd, has announced the signing of two major contracts this week for the supply of its administrative and clinical hospital information systems. On 2 August it signed a contract with Kettering General Hospital NHS Trust for £7.65 million over 10 years. Today the negotiations with South Manchester University Hospitals NHS Trust were finalised, earning IBA £12.06 million over 11 years.

[Source: Company Announcements]

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Medical Monitors given FDA approval

7 August 2001 – Medical Monitors Ltd has announced that its transtelephonic blood pressure monitoring product, BPfoneTM, has received clearance from the US Food and Drug Administration. Medical Monitors can begin sales and marketing of the product in the US without restriction, and expects commercial sales to begin in the next fiscal quarter. BPfoneTM allows doctors to remotely monitor the cardiovascular health of their patients.

[Source: Company Announcement]

MIA acquires Radclin

30 July 2001 – Medical Imaging Australasia Ltd today announced the acquisition of Radclin Medical Imaging Pty Ltd / East Melbourne Medical Imaging Pty Ltd of Victoria. The purchase consideration was more than 37 million MIA ordinary shares and $39.19 million cash. Radclin employs 32 radiologists and services 20 sites throughout greater Melbourne.

[Source: Company Announcement]

Northgate to re-enter Australian market

31 July 2001 – Medical records company, Northgate Information Solutions, is planning to enter the Australian market again, the Australian Financial Review has reported. Northgate, which left the market 5 years ago, will return with £20 million spending money. It sold its patient management systems business in 1996 to Computer Sciences Corp.

[Source: The Australian Financial Review]

Novogen's successful Rimostil trial

30 July 2001 – A US scientific journal, Menopause, has published the results of a single blind phase II trial on Novogen Ltd's drug for the maintenance of bone and cholesterol health in women after menopause, RimostilTM. The trial, conducted on 50 post-menopausal women at Sydney's Royal North Shore Hospital, found that the drug strengthened the bones, and restored HDL cholesterol to pre-menopausal levels without the adverse side-effects associated with oestrogen drugs.

OMI develops retractable syringe

1 August 2001 – Australian-based company Occupational and Medical Innovations Ltd has developed a low-cost automatic retractable syringe. The safety feature is in increasing demand by the health sector where workers are constantly in close proximity with HIV, AIDS and hepatitis B and C. The advantage of OMI's syringe over other failed attempts is that it is simple, and therefore cheaper and less cumbersome. The syringe market is worth $40 billion and is dominated by four multinationals. OMI is currently considering whether to sell its technology, get a big company to manufacture and distribute the product, or compete with them directly.

[Source: The Australian Financial Review]

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PanBio records a loss

7 August 2001 – PanBio Ltd today announced a net loss after tax of $96,000 for the financial year ending June 2001 compared to the IPO forecast loss of $133,000. The company has put this down to higher sales and profitability in the Australian business.

[Source: Company Announcement]

PanBio signs major research agreement

6 August 2001 – Medical diagnostics company, PanBio Ltd, today announced the signing of a renewed seven year research agreement with the Cooperative Research Centre for Diagnostics. The CRC, which will receive $16.3 million over the next seven years from AusIndustry to fund medical diagnostic research programs, comprises CSIRO, Queensland University of Technology, LaTrobe University, Child Health Research Institute, Queensland Medical Laboratories and PanBio. PanBio is the sole commercial manufacturing partner.

[Source: Company Announcement]

Progen commences PI-88 clinical trials

2 August 2001 – Progen Industries Ltd today announced the commencement of its first US clinical trial with anti-cancer drug PI-88 at the University of Colorado Health Sciences Centre. The trial will be conducted in two phases. Phase I will determine the appropriate dose and safety when administered subcutaneously in patients with advanced malignancies, and Phase II will evaluate the drug's effect on tumour progression in patients with advanced melanoma. PI-88 acts by inhibiting heparanase, an enzyme involved in the spread of tumours, and by inhibiting the growth of new blood vessels that supply tumours.

[Source: Company Announcement]

Psiron unaudited loss

1 August 2001 – A recent shake-up of the board of directors at Psiron Ltd has led to a review of the group, including a review of the accounting treatment of intangible assets. The board has written off intangible assets worth $935,000 and termination payments of former directors, and has reported an unaudited loss of $3.5 million for the 2001 financial year. Mr Stephen Jones has been appointed as Chairman (non-executive), with Mr Ralph stepping down from Executive Chairman to be a non-executive director of the company. Mr Bryan Dulhunty, formerly Psiron's Chief Financial Officer, will take the role of Secretary from Mr Alan Bates.

Psiron also announced that, following due diligence on Microislet Inc's proposed treatment for Type I diabetes, the company wishes to renegotiate a revised agreement to account for an increased risk profile.

[Source: Company Announcement]

pSivida makes progress in osteoporosis

9 August 2001 – pSivida Ltd today announced that pSiMedica, in which pSivida has a 40 per cent stake, has made significant progress in its development program with Kings College London on the application of porous silicon in osteoporosis treatment. pSiMedica is expected to move to clinical trials in 2002 following the initial successful 6-month research period. The researchers believe that monomeric silicic acid is a vital ingredient in the development and maintenance of health strong bones. Silicic acid is a natural ingredient, but is rare in modern diets with highly processed foods.

[Source: Company Announcement]

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ResMed pulls record income

9 August 2001 – ResMed Inc has announced a record net income result for the quarter ending 30 June of $US8.3 million, an increase of 35 per cent from the June quarter last year. This compares with a net income of $US29.8 million for the year. Income from operations for the quarter was $US13.2 million compared with $US8.9 million for the same period last year. ResMed says the improved quarterly net income reflects higher levels of sales in all global markets when compared to fiscal 2000.

[Source: Company Announcement]

Share and option issues

7 August 2001 – Bionomics Ltd announced the issue of 100,000 options to BNP Paribas Equities (Australia) Ltd as part consideration for services rendered regarding the recent Private Share Placement. The options are exercisable at $1.40 before 30 July 2003.

9 August 2001 – BioProspect Ltd announced the issue of 250,000 ordinary shares and 250,000 options. The shares are being sold at 20 cents, including one free option per share. The $50,000 raising will be used as working capital.

30 July 2001 – Cardia Technologies Ltd has completed the issue of 3 million shares and 3 million options at 7 cents per share as consideration for Cardia's acquisition of 51% of the issued capital of Bioglobal Pty Ltd. The options are exercisable at 20 cents per share on or before 30 June 2004.

6 August – 2001 – Eiffel Technologies Ltd announced the grant of an option to Phytotherapy Technology Pty Ltd to acquire up to 2 million ordinary shares at a price of 25 cents per share. Phytotheraphy, a 25 per cent shareholder in Eiffel's subsidiary, Eiffel Research & Development Pty Ltd, was granted the option as part consideration of the agreement to establish Eiffel Research & Development Pty Ltd.

2 August 2001 – Genesis Biomedical Ltd announced the issue of 250,000 ordinary shares at 11 cents per share for working capital purposes.

31 July 2001 – Healthpoint Technologies Ltd has announced the issue of 3.75 million ordinary shares at 8 cents per share to raise $300,000. The money will be used to partly finance the purchase of the Healthtouch business from Cardinal Health Inc.

31 July 2001 – Healthscope Ltd has raised $10.7 million in equity with the placement of 6.58 million new shares at $1.62 per share via an underwritten bookbuild. The funds are to be used for further expansion.

9 August 2001 – Peptech Ltd has issued 650,000 share options, exercisable at $2.72 before 8 July 2006, to the Scientific Advisory Board members.

31 July 2001 – Stericorp Ltd announced the issue of over 33 million ordinary shares at 33 cents per share. The purpose of the issue is stated to be for the acquisition of medical waste businesses and the construction of an Electro-Thermal Deactivation plant in Canberra.

[Source: Company Announcements]

Solbec enters $1m deal to develop anti-cancer drug

2 August 2001 – Solbec Pharmaceuticals Ltd announced today it has entered into an R&D contract with Murdoch University worth $1 million. The research is designed to verify the efficacy of its new anti-cancer drug, BEC(R), in the treatment of a range of cancers in animals, and will be carried out at the university's Division of Veterinary and Biomedical Sciences. BEC(R) has been shown to have strong anti-caner activity against a wide range of cancers with virtually no toxicity to normal cells. The research will also determine the efficacy of BEC(R) in the treatment of Mesothelioma, an asbestos-related lung cancer, following the positive results of a test of BEC(R) on mesothelioma in mice at Curtin University.

[Source: Company Announcement]

Solbec lodges Androgen with TGA

30 July 2001 – Solbec Pharmaceuticals Ltd and Lawley Pharmaceuticals today announced the lodgment of the regulatory documentation for Andro-feme 1% Testosterone Cream with the Australian Therapeutic Goods Administration. Androgen deficiency in women has been blamed for low energy, mood, cognition and low libido. Androgen replacement may also increase bone mass density in the treatment of osteoporosis. Solbec and Lawley are proceeding with registration of the rest of their product range, which includes Andromen 2% and 5% (testosterone), Pro-feme 1.6% and 3.2% (progesterone) and Natrogen (oestradiol) creams.

[Source: Company Announcement]

Sonic and Foundation settle sales

3 August 2001 – Sonic Healthcare Ltd today completed the acquisition of the medical diagnostic operations of Foundation Healthcare Ltd. The cash purchase price for Sunilabs Pty Ltd, Bunbury Pathology Pty Ltd, La Trobe Network Pathology Pty Ltd and E Radiology Pty Ltd came to $32 million. The companies bring in a total revenue of approximately $21 million.

[Source: Company Announcement]

Starpharma dendrimer nanotechnology JV

6 August 2001 – Starpharma Pooled Development Ltd announced today that it has entered into a joint venture with Dr Donald A Tomalia to develop products using dendrimer nanotechnology. Starpharma intends to invest up to $US2.18 million over three years in Dendritic Nanotechnologies Ltd, a new Australian company that will be based in Melbourne. Dr Tomalia is considered a world leader in the production of novel dendrimer structures, and Starpharma at the forefront of pharmaceutical applications of dendrimers. The venture has secured research facilities in The Center for Applied Research and Technology at Central Michigan University.

[Source: Company Announcement]

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