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Regular news within the Australian biotech industry.

AAMRAD makes board changes

16 August 2001 – AMRAD Corporation Ltd today announced a number of changes to its board of directors. Dr Sandra Webb will take the position of Managing Director from 27 August, and Mr Henry Nordhoff has been appointed a director. The Chairman, Mr Ralph Ward-Ambler AM and Mr Richard Searby QC have resigned from the board effective 30 September. Professor John Mills has been elected Chairman. The board has been reduced in size to seven directors.

[Source: Company Announcement

Autogen's breakthrough in Alzheimer's/heart disease & arthritis

20 August 2001 – Biotech company Autogen Ltd today announced a breakthrough in the search for the cause of Alzheimer's disease, atherosclerosis and arthritis. The company reported that one of its new genes, Tanis, codes for a receptor of a key protein believed to play a role in these diseases as well as diabetes and obesity. The finding provides a link between a diabetes gene and a protein important in inflammation, and opens the possibility of a further link between inflammation and Alzheimer's. Chief Operating Officer and Chief Scientist, Professor Greg Collier will present the results in a keynote lecture to the 37th Annual Congress of the European Association for the Study of Diabetes in Glasgow.

[Source: Company Announcement]

AVT Holdings announces Avax appointment

17 August 2001 – As part of its Newsletter for August 2001, AVT Holdings Ltd has announced the appointment of Roger Hemingway as General Manager of the Australian Joint Venture Avax Australia Pty Ltd, a biotechnology company concentrating on the development and commercialisation of cancer therapies. Mr Hemmingway was Vice President and Regional Manager, Northern Europe for pharmaceutical company, Aventis.

AVT also reports that its US partner, Avax Technology Inc, has submitted its response to the Food and Drug Administration's written notifications related to the clinical holds of Avax's M-Vax and O-Vax autologous cancer vaccine clinical trials. Avax's reply addressed the issues of sterility, handling of tumour cells, the preparation of vaccines by the Company and the Company's manufacturing practices.

[Source: Company Announcement]

Bionomics awarded government grant

17 August 2001 – Bionomics Ltd was today awarded $224,325 by the Federal Government to advance the company's research into the discovery of genes involved in the development of breast cancer. The company will focus on chromosome 16 which has been linked with breast cancer. The grant is part of the Biotechnology Innovation Fund introduced to help Australian biotechnology ventures move towards commercialisation. See Government News for other successful BIF applications.

[Source: Company Announcement]

BioProspect delivers new insecticide

14 August 2001 – BioProspect Ltd today announced the delivery of trial samples of its new natural insecticide 'Qcide' to four of the world's major crop and animal insecticide companies. Qcide has been derived from an endemic Queensland plant, and is expected to be as effective as current chemicals but far less toxic. Future uses may include household insecticides, veterinary and crop insecticides, a market which exceeds $500 million per annum in Australia. The international tests will determine whether there is an international market for the product.

[Source: Company Announcement]

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Biota loses substantial shareholders

15 August 2001 – Deutsche Australia Ltd decreased its relevant interest in Biota Holdings Ltd on 8 August from 9.19 per cent to 7.93 per cent, and then ceased to be a substantial shareholder in Biota on 10 August. SAS Trustee Corporation ceased to be a substantial shareholder on 13 August.

[Source: Company Announcements]

Bresagen Involved in New Stem Cell Research Facility

22 August 2001 – Bresagen today announced its part in a collaborative research program that will develop a new research facility under a Commonwealth Government funding initiative. The funding initiative, announced yesterday by Senator Nick Minchin will provide $5.5 million towards a new National Centre for Advanced Cell Engineering at Monash University, Melbourne which will involve research groups from BresaGen, ES Cell International Pty Ltd and Monash University. The Centre will focus on exploiting the many applications of human embryonic stem cell technology. According to the CEO of BresaGen, BresaGen and ES Cell International together have 10 of the 60 human embryonic stem cell lines that are eligible for US National Institute of Health (NIH) research funding.

[Source: Company Announcement]

Cerylid Biosciences receives cash injection

24 August 2001 – Cerylid Biosciences, Amrad Corporation's drug-discovery spin-off, yesterday announced an $11 million capital injection. The capital consists of $9.9 million that J.B. Were Private Equity Fund paid for a 20 per cent stake with the rest from existing investors. One of Cerylid's most noted assets is a library of natural products, including 600,000 extracts from Australian flora and fauna which are scanned for compounds that can be turned into drugs. Cerylid also has first right of refusal on genes developed by the Gene CRC. The capital injection takes Cerylid's nominal capitalisation to just over $50 million.

[Source: The Age – Richard Salmons]

Chemeq gets US approval for cosmetic preservative

14 August 2001 – Veterinary pharmaceutical company Chemeq Ltd today announced that the US Cosmetic, Toiletry and Fragrance Association has officially listed CHEMYDE™ preservative for immediate sale and use as a preservative in cosmetics in the US. CHEMYDE™ is not only a much more effective preservative than others on the market, it also does not enter the bloodstream, reducing the risk of irritation or allergy, the company says.

[Source: Company Announcement]

Chemicon licences Cytopia patents

13 August 2001 – Medica Holdings Ltd has announced that its Melbourne-based subsidiary, Cytopia Pty Ltd, has entered into an exclusive licensing agreement with US-based CHEMICON International Inc. Under the agreement, CHEMICON will receive exclusive rights to market, for research purposes, Cytopia's patented range of antibodies to a family of proteins involved in controlling immune diseases such as rheumatoid arthritis as well as certain cancers. Known as JAK kinases, the proteins are enzymes which regulate the immune system when stimulated by pathogens and in autoimmune diseases. Cytopia will receive an undisclosed upfront fee for exclusivity and royalties and a share of revenue from the sale of antibodies.

[Source: Company Announcement]

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Cochlear announces record profit

21 August 2001 – Cochlear Limited, an ear implant company, has announced a record profit of A$31.2m. Cochlear at present has between 60 -65 per cent market share worldwide, equating to 35,000 customers.

[Source: Company Announcement]

CSL – rise in profit

23 August 2001 – With a 44 per cent rise in net profit after tax to $78.2 million, Australian's largest health-care company, bio-pharmaceutical group CSL plans to increase its research and development effort and achieve organic growth through product innovation. Upcoming products include its fibrin anti-haemorrhage bandage, developed with the American Red Cross, and the human papilloma virus vaccine developed in partnership with United States company, Merck & Co.

[Source: The Australian Financial Review – Brett Clegg]

Cytopia offered $2m START grant

14 August 2001 – Medica Holdings Ltd today announced that its subsidiary, Cytopia Pty Ltd, has been offered a $2 million grant under AusIndustry's START program to develop a new drug candidate to treat an aggressive form of prostate cancer known as Hormone Refractory Prostate Cancer, or HRPC. Medica says there is a potential market of over $US500 million for a successful drug. Cytopia is attempting to discover novel drug candidates which are capable of blocking the action of proteins known as cytokines which promote the growth of prostate cancer cells in HRPC.

[Source: Company Announcement]

F H Faulding – change in Substantial Holding & fulfillment of Defeating Condition

23 August 2001 – Mayne Nickless Ltd and Mayne Health Logistics P/L began the acquisition of shares in FH Faulding & Co on 16 August. They now hold a 8.909 per cent stake. On 22 August, FH Faulding announced that a significant condition in Mayne's offer to Faulding's shareholders was met today when the Foreign Investment Review Board raised no objections to Mayne's proposal to dispose of Faulding's US-based oral pharmaceutical manufacturing operations to Alpharma. The condition was key to Mayne's offer.

[Source: Company Announcement]

Genetic Technologies appoints Cytomation director

20 August 2001 – Genetic Technologies Ltd (GTG) today announced the appointment of its Executive Director, Ian Dennis, onto the board of US based bio-instrument company, Cytomation Inc. GTG has made small incremental acquisitions in Cytomation since its annual meeting on 30 November last year. Its stake in Cytomation increased to approximately 10 per cent in June, and it now holds three of the six board seats. Cytomation is the world leader in 'flow cytometry', or high speed cell sorting. Sales of its flagship product, MoFlo, exceeded $40 million last year and increasing at 45 per cent per year.

[Source: Company Announcement]

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Gropep Investigates Recurrent Miscarriages

22 August 2001 – Gropep today announced that it has begun work into a possible treatment for recurrent miscarriages and other unexplained infertility conditions in humans – a market potentially worth more than US $3 billion. Gropep has obtained the worldwide rights to a transforming growth factor beta (TGFB), discovered and patented by the US biotechnology company OSI Pharmaceuticals. The potential treatment is based on two sets of patents – one that covers the active ingredient TGFB, and the other its use to prevent infertility. Next year Gropep is to develop a suitable formulation for the delivery of TGFB, establish endpoints for evaluating the effectiveness of the molecule and conduct toxicology experiments to support its use in women who may become pregnant during the trial. An initial clinical trial in women with a past history of recurrent miscarriages is planned to begin at the end of 2002.

[Source: Company Announcement]

IBM focuses on biotechnology

15 August 2001 – Computing company IBM has increased its funding for its IBM Life Sciences division to $US200 million over three years, the Australian Financial Review has reported. Dr Caroline Kovac, vice president of Life Sciences, says that the market for the large data generating computers required by the biotechnology industry will exceed $US40 billion by 2004. IBM's project Blue Gene has accordingly been set up to build a petaflop (1.105 floating-point operations per second) computer with huge hardware capacity.

[Source: The Australian Financial Review – Bill Pheasant]

Institute of Drug Technology Australia delivers Final Report

23 August 2001 – The Australian pharmaceutical manufacturing and drug development company, Institute of Drug Technology Australia Limited (IDT), has announced an operating profit after tax of $3.69 million for the year ended 30 June. This represents an increase of 23 per cent over the previous year. During the year, the company has expended $4.6 million on new facilities including new R&D laboratories, new manufacturing facilities and a new corporate office building. The company is also involved in two major projects : a contract with European based international pharmaceutical company AstraZeneca whereby IDT perform development work on a new cytotoxic anticancer drug; and an agreement between IDT and Unisearch to assist the commercialisation of a new anticancer agent.

[Source: Company Announcement]

Medicine Quantale changes to Cosmos

15 August 2001 – At a General Meeting of shareholders held today, Medicine Quantale Ltd unanimously resolved to change its name to Cosmos Ltd to reflect the company's exit from homeopathic pharmaceuticals manufacture and its growth in electronic payments and retail transactions systems over the past 12 months.

[Source: Company Announcement]

MIA signs MOU with Pacific to acquire Rayscan

15 August 2001 – Medical Imaging Australasia Ltd announced today that it has signed a Memorandum of Understanding with Pacific Healthcare Ltd and Pacific Healthcare (Australia) Ltd for the proposed acquisition of Rayscan Imaging by MIA. Rayscan Imaging employs 9 radiologists in 6 practices in Liverpool, Baulkham Hills, Burwood, Fairfield, Mudgee and Cooma. Consideration would be mostly cash and some shares. The deal is conditional on satisfactory due diligence and documentation.

[Source: Company Announcement]

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Norwood Abbey commences FDA clinical trial

13 August 2001 – Drug delivery company, Norwood Abbey Ltd, today announced that it has commenced the Food and Drug Administration approved clinical trial of its laser device to aid in topical anaesthesia. The company has Therapeutic Goods Administration approval to market the device in Australasia, but is required to conduct a trial on the safety and efficacy of the laser device in accelerating the onset of topical anaesthesia prior to needle insertion procedures before being approved for the US market. The trial will include 320 patients at two US medical institutions.

[Source: Company Announcement]

Novogen commences clinical trial of oral cancer drug

15 August 2001 – Novogen Ltd today announced that it has received approval to commence a clinical trial of the oral formulation of its anti-cancer drug, phenoxodiol. The trial will be conducted by the Monash Medical Centre in Melbourne, and will involve men with advanced prostate cancers that have become unresponsive to other therapies. Penoxodiol is currently the subject of three clinical trials in cancer patients in Australia and the USA using an intravenous formulation.

[Source: Company Announcement]

NSL Health final report

16 August 2001 – Biotech company NSL Health Ltd today reported a loss for the year ending 30 June of $647,165, up 137 per cent from last year. The company puts this down to disappointing sales of its point of care allergy skin prick test device, the SPT Multi-DipTest. Furthermore, $300,000 was spent fitting out the company's new lab in Melbourne which began operations at the start of the calendar year. NSL is moving to focus its research efforts on in vitro drug allergy testing technology.

[Source: Company Announcement]

Optiscan Imaging appoints new director

14 August 2001 – Optiscan Imaging Ltd today announced the appointment of Mr Keith Daniel to the board of directors. Mr Daniel joins the company after 32 years in the medical device industry, most notably as CEO and Chairman of Nucleus. He is a founder and director of Milvella Pty Ltd, a start up that develops and markets devices for cataract and refractive surgery, and Aortech Biomaterials Pty Ltd, a company commercialising polyurethane materials.

[Source: Company Announcement]

Prana announces Partnership

21 August 2001 – Prana Biotechnology today announced a partnership agreement with Neurosciences Victoria to commercialise new projects in neuroscience research. It has also been revealed that Neurosciences Victoria was awarded part of the $160 million National Research Facilities funding package. The Neurosciences Victoria led consortium comprises the Howard Florey Institute, the Mental Health Research Institute, University of Melbourne, Monash University and Prana Biotechnology as a commercialising entity. Prana's first major therapeutic target has been Alzheimer's disease.

[Source: Company Announcement]

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Pro Medicus / Agfa alliance

13 August 2001 – IT and e-health provider Pro Medicus Ltd today announced a multi million dollar alliance with global medical imaging company Agfa-Gevaert Ltd aimed at capturing a significant share of the Australian PACS (digital radiology) market. Under the alliance, Agfa will provide funding for the development and marketing of a new interface integrating the Pro Medicus Radiology Practice Management system, currently used by over 70 per cent of Australia's private radiology practices, with Agfa's range of PACS products. The technology would fully digitise the practice of radiology, removing the need for film, and enabling patients' results to be stored electronically and accessed in the hospital or clinic, or remotely via the internet. Pro Medicus estimates the Australian PACS market to be worth in excess of $100 million over the next three years. On 20 August, Pro Medicus announced an after-tax profit of $4.09 million for the financial year ending 30 June, a 24.1 per cent increase on the previous year. The results mark the most profitable period in Pro Medicus' 18-year history.

[Source: Company Announcement]

Sonic acquires Cairns Pathology

17 August 2001 – Sonic Healthcare Ltd today announced that it has executed definitive agreements to purchase, through its wholly owned subsidiary Sullivan Nicolaides Pty Ltd, the pathology assets of Cairns Pathology Laboratory. Cairns Pathology employs 80 staff, has 11 licensed collection centres, and has an annual revenue of $5.5 million. Completion is scheduled to occur on 1 September. Consideration will comprise cash and the allotment of 220,589 ordinary shares in Sonic.

[Source: Company Announcement]

SSH Medical reports full year loss

13 August 2001 – Sydney-based medical technology company, SSH Medical Ltd, has announced a loss of $1.401 million for the financial year ending 30 June, 157 per cent higher than the previous year. The company makes Veda-Scope, a device that improves the process of taking pap smears for the detection of cervical cancer. SSH Medical reported total revenue of $309,000, but says that revenues during the year were delayed due to the longer than expected training of over 304 doctors Australia wide in the use of Veda-Scope. SSH Medical has recently embarked on a consumer advertising campaign including all forms of mass media.

[Source: Company Announcement]

Virax Holdings expands into prostate cancer

21 August 2001 – Virax Holdings today announced that it has entered into a collaborative agreement with Royal Adelaide Hospital's Cancer Centre to develop leads for an immune-based therapy to treat prostate cancer. The therapeutic vaccine will use Virax's technology, Co-X-Gene™ which uses a fowlpox virus (FPV) vector as a vaccine delivery vehicle. Virax is currently conducting a Phase I/IIa treatment clinical trial testing Co-X-Gene™ in FPV for the treatment of HIV. The prostate cancer development programme will target advanced, hormone refractory prostate cancer. It is anticipated that the immunotherapy will be developed as an adjunct to, but not competitive with, current cancer therapies.

[Source: Company Announcement]

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