Company news
- Agenix announces 435% increase in after-tax profit
- Amrad fast tracks clinical trial of chronic severe pain relief drug
- AustCancer announces major trial of anti-cancer vaccine
- Cardia-funded diabetes test shows positive results
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Iatia announces opening of IPO for international development
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Medica to commence pre-clinical trials of pain-killing molecule
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MicroMedical commences commercialisation of its VentrAssist device
Agenix announces 435% increase in after-tax profit
21 February - Australian-listed biotechnology company, Agenix Limited, well known for its high-technology Thromboview blood clot-imaging project, today announced a 435% increase in after-tax profit to A$1.7m for the six months to 31 December 2001. This result compares to a A$0.3m profit for the corresponding six-month period to December 2000. CEO of Agenix, Don Home, said that the significant profit increase was a result of a cultural change within the company, from a technology and production culture to one of increasing market and customer focus. Some of the key events during the half year which helped the company included the launch of the Milton product line extensions for its Infacare range of infant products, and the strong market position it was obtained in the Nappy Sanitiser market.
[Source: Company Announcement]
Amrad fast tracks clinical trial of chronic severe pain relief drug
26 February - Australian-based biotechnology company, Amrad Corporation Limited today announced that Phase I/II clinical trials of its AM336 chronic severe pain relief drug have produced positive findings, enabling the company to advance AM336 to the next stage of development and to commence a full Phase II trial this year. The AM336 trial involved cancer patients with chronic severe pain. AM336 is a synthetic version of the CVID molecule which was originally isolated from the venom of a fish-eating species of cone snail from the Great Barrier Reef. According to Amrad's Managing Director, Dr Sandra Webb, 'From our perspective the most exciting finding relates to the fact that the majority of patients elected to stay on AM336 after they had completed the 12 day clinical trial study period. This tells us that AM336 can be safely administered at doses required to provide pain relief. These early findings are showing that AM336 has the potential to treat one of the most distressing symptoms of cancer, the pain'.
[Source: Company Announcement]
AustCancer announces major trial of anti-cancer vaccine
22 February - Australian Cancer Technology Limited ('AustCancer') today announced that it has received approval from the St Vincent's Hospital (Sydney) Research Ethics Committee to immediately commence Phase 1b/2a trials of the Pentrix anti-cancer vaccine. Initial human clinical trials of Pentrix were completed earlier this year, with very successful results. The second stage of the trial will involve both patients with metastatic cancer and high risk patients who have had their cancer removed by surgery. The latest trial will seek to determine if the Pentrix vaccine is inducing the anti-cancer immune response to the p53 antigen as predicted.
[Source: Company Announcement]
Cardia-funded diabetes test shows positive results
19 February - Cadia Technologies today announced that research funded by the company shows that the ISF402 peptide has the potential to reduce glucose in the bloodstream. The research, conducted by the International Diabetes Institute (IDI), involves testing the ISF402 peptide on an isolated tissue system. According to both Cardia and the IDI, the reduction in glucose means that ISF402 could potentially be used as a drug to treat those with type 2 diabetes. Approximately 150 million people worldwide have this type 2 diabetes, highlighting that there is a large market for such a drug.
[Source: Company Announcement]
CSL Limited announces strong increase in sales and profits
19 February - Pharmaceuticals giant CSL Limited today released its half yearly report, showing strong profit growth and increased sales. In the six months ended 31 December 2001, CSL's operating profit after tax (before amortisation of goodwill) was A$77.5m- a 107 percent increase on the previous corresponding half year's result. The group's sales increased by 76 percent over the corresponding period last year, totalling A$590m. The half yearly report also stated that earnings per share (diluted) (before amortisation) increased 48.4c, an increase over the corresponding period last year of 97 percent. CSL's Managing Director, Dr Brian McNamee, said that as the group's growth prospects remain positive and no significant change in trading conditions is anticipated, a 55-60 percent increase in net profit from ordinary activities for the full year is expected.
[Source: Company Announcement]
GroPep acquires assets of Biotech Australia
22 February - Australian pharmaceutical company GroPep today announced that it has agreed to purchase the CMO component of Biotech Australia for A$7.0m in cash plus the retirement of a A$6.1m debt on the property. The acquisition includes around 2.1 hectares of land, two large buildings each with more than 300sqm of floor space, numerous smaller buildings along with plant and equipment. The site has been valued at A$9.9m and the plant and equipment has been valued as having a replacement value of A$24.9m. The rationale given by GroPep for the acquisition of Biotech Australia's assets is that it will expand the company's manufacturing capacity so as to meet market requirements (as the worldwide demand for protein drugs has created a dramatic shortfall in capacity), plus the company negotiated an attractive price for the purchase.
[Source: Company Announcement]
Howard Florey Institute discovers new relaxin 3 hormone
19 February - Researchers from the Howard Florey Institute have discovered a new hormone ('relaxin 3') from the family of relaxin proteins, The Age has reported. While little is known about the hormone at present, the researchers have said that relaxin 3 is produced in the brain; its similar to the hormone which allows a woman's body to change shape during pregnancy, and there are suggestions that the hormone may be involved in the brain's response to injury. The discovery of the hormone was achieved using Internet databases to track parts of known proteins in the human genome map.
[Source: The Age - Tom Noble]
Iatia announces opening of IPO for international development
26 February - Iatia Limited has announced the opening of its initial public offer (IPO), to raise A$5.0m in capital. Iatia is a Melbourne-based company that develops, manufactures and markets unique medical and scientific products using leading edge technologies. Iatia is well-known for its development of two platform technologies in the areas of Imaging and Instruments: - Quantitative Phase Imaging (QPI) and Integrated Optical Platform (IOP). The IPO will involve the offer of 20 million shares at a price of A$0.25 per share. The A$5 million capital raising will give Iatia a market capitalisation of around A$27.44m after completing the IPO. Iatia will use the proceeds of the IPO to develop innovative phase imaging products and optical instruments, as well as to establish international offices to support Iatia's international expansion.
[Source: Company Announcement]
Medica to commence pre-clinical trials of pain-killing molecule
25 February - Australian-based biotechnology company, Medica Holdings Limited, today announced that its investee company, Xenome Limited, is to commence pre-clinical testing of a pain killing molecule which is many thousands of times more effective than morphine, and without the side-effects. The molecule has proved effective in animals, treating neuropathic and inflammatory pain. The pain-killing molecule is derived from the venom of a coneshell, which is a marine shellfish that uses its venom to catch its pray. Medica's project to develop this molecule is being supported by a A$1.65m two-year START grant from AusIndustry.
[Source: Company Announcement]
Meditech Research announce appointment of new CEO
15 February - Australian biotech company Meditech Research Limited, which has gained an international reputation through its work with Hyaluronic Acid Chemosensitising Transport ('HyACTTM') colon and breast cancer treatment technology, has announced that Christopher Carter is to be the company's new CEO. Mr Carter has a broad range of relevant management experience gained through a variety of senior management roles in major pharmaceutical companies (including Pharmanova, Hoffman La Roche and Glaxo Smithkline). Meditech Chairman, Professor Richard Fox, said of Mr Carter: 'He has the right experience, an outstanding track record with previous employers, and the highly relevant skills Meditech needs to lead it through the spectrum of challenges facing emerging biotechnology companies.'
[Source: Company Announcement]
MicroMedical commences commercialisation of its VentrAssist device
14 February - Australian-based company MicroMedical Industries Limited, today announced it has commenced the clinical trial process for its VentrAssist 'artificial heart' device, following four years of exclusive R&D effort by the company. Human placement trials of the device are to be commenced at The Alfred Hospital in Melbourne. The trials will involve the temporary placement of an inert VentrAssist Left Ventricular Assist Device (LVAD) in a patient during open-heart surgery. As the design of the VentrAssist has been finalised, MicroMedical's focus is now on international approval for, and commercialisation of, the device. MicroMedical believes that the worldwide target market for the device is 800,000 patients each year who enter end-stage cardiac failure but do not have access to, or do not qualify for, heart transplants.
[Source: Company Announcement]
Sigma and API merger possibility revealed
19 February - It has been revealed that two of the biggest pharmaceutical wholesalers in Australia, Sigma Company and Australian Pharmaceutical Industries (API) are exploring the possibility of merging, The Age has reported. The possible reason for the merger is to create cost-saving synergies to offset any losses resulting from an expected tightening of the Pharmaceutical Benefits Scheme (PBS) by the Federal Government. Presently, the pharmaceutical wholesaling market is dominated by three companies: API, Sigma and Mayne's FH Faulding. The merged entity would have a 60 percent-plus market share. Accordingly, the ACCC is investigating the merger proposal. As a result of the merger revelations, both API's and Sigma's share price rose substantially.
[Source: The Age- Stephen Bartholomeusz and Ian Porter]
Xcell skin cancer technology may have broader applications
26 February - Xcell Diagnostics Ltd (Xcell) has announced that new results from the skin cancer technology (known as Diffuse Reflectance Spectroscopy, or 'DRS') show that the technology may have potential clinical applications beyond melanoma to the more prevalent basal cell carcinomas (BCC). The technology is being developed by the Optical + Biomedical Engineering Laboratory (OBEL) at the University of Western Australia, and Xcell is funding the research and has global commercial rights to discoveries arising from the research. Each year over 190,000 Australians are treated for BCC, and at present definitive diagnosis for BCC is made by way of a skin biopsy and histopathological examination by a pathologist. The DRS technology may in time serve as an alternative to biopsy or histopathological examination of tissue.
[Source: Company Announcement]
