|
Biotech News Company news Regular news within the Australian biotech industry. |
- Amrad half year results
- Arrow Pharmaceuticals half year results
- Bionomics and WEHI ion channel collaboration
- Compumedics half year results
- CSIRO says Biota drug beats bird flu
- Peptech builds on Domantis investment
- Sonic Healthcare half year results
- Ventracor's heart pump ready for commercial production following human trials
Amrad half year results
February 19 – Amrad Corporation has recorded a 10 per cent increase in revenue to $8.14 million and a 48 per cent reduction in its operating loss to $2.2 million, for the half year to December 2003. Announcing his first result since his appointment of CEO in October 2003, Dr Pete Smith said the company had performed well for the period. The increase was greatly assisted by a $4.2 million milestone payment from Merck Sharp and Dohme, bringing to $11.7 million the funds received under the exclusive licence and research collaboration to develop a treatment for asthma. Overall, the Merck agreement, one of Australia's largest biotech deals, could realise revenues of up to US$112 million plus royalties. Amrad aims to streamline its R&D portfolio to focus on targets in the area of cytokine biology, involved in allergy, inflammation and infertility. Amrad will also implement a strategy to spin out their virology business under the proposed name of Avexa.
[Source: Company Announcement]
Arrow Pharmaceuticals half year results
February 27 – Arrow Pharmaceuticals announced a profit after tax for the full year 2003 of $12.537 million. This represents a growth in profit of 38 per cent over the 2002 result. Although revenue only increased by 6 per cent to $263.6 million, the result was highlighted by the company's ability to shift business away from low margin distributed sales to higher margin generic sales. Sales of Arrow's generic range grew by 37 per cent in 2003 and this produced an improved profit margin. The directors of Arrow declared a special dividend on ordinary shares of 20 cents fully franked to be financed out of a combination of profit and debit. Arrow's goal was to ensure an active balance sheet was maintained, and to reward shareholder loyalty.
[Source: Company Announcement]
Bionomics and WEHI ion channel collaboration
February 25 – Binomics and the Walter and Eliza Hall Institute (WEHI) have established a drug discovery collaboration focussed on Bionomics' proprietary ion channel targets and animal models, which have been the basis of Bionomics' R&D Start Grant funded program. The collaboration aims to identify new lead molecules for the treatment of central nervous system disorders including epilepsy and anxiety. It is anticipated that WEHI's capabilities and expertise in chemistry and advanced drug screening techniques will compliment Bionomics strong experience in genomics based research in epilepsy gene discovery, to establish a platform for discovering new drugs for a range of CNS disorders.
[Source: Company Announcement]
Compumedics half year results
February 18 – Sleep diagnostic company Compumedics has posted record interim revenues of $17.3 million and profit of $1.1 million for the December half, despite the exchange rate diminishing its US earnings. The strong Australian dollar has stripped $3 million from revenue and $1 million from net profit, said executive chairman David Burton. The results reflect restructured distribution in the US and Germany, and the release of new products. The switch to German distributor Draeger lifted sales by 45 per cent, including a contract to fit out Germany's second-largest sleep disorder laboratory. Continued profitable growth will be achieved by a focus on building a strong pipeline of new products and technologies across its sleep diagnostic and neurological markets with the cutting of operating costs and restructured distribution.
[Source: Company Announcement / The Age]
CSIRO says Biota drug beats bird flu
February 20 – CSIRO has confirmed laboratory testing of Biota's influenza drug, Relenza, to be effective against the Bird Flu virus currently sweeping through Asia. The tests showed Relenza inhibited a sample of an G5N1 strain of the influenza virus. The CSIRO found a direct correlation between enzyme activity and the ability of the drug to prevent the virus from multiplying. The design and action of Relenza is based on a CSIRO discovery that a section on the surface of the influenza virus is highly conservative, proving difficult for mutations in the virus to avoid binding to the drug. Currently the disease is not able to pass from human to human, however in the event that the virus mutates allowing this to occur, Relenza will be an available treatment. CSIRO aims to obtain clinical data to establish that Relenza is effective in humans infected with bird flu.
[Source: Company Announcement]
Peptech builds on Domantis investment
February 23 – Peptech announced it would strengthen its relationship with UK-based drug discovery and development company, Domantis Limited following last year's successful trials of Peptech's new anti-TNF arthritis drug. Domantis has announced that it raised approximately AU$42 million through capital fund raising in which Peptech has participated. Peptech's investment will ensure the company maintains its 36.1 percent equity position in Domantis. Other venture capitalists involved include MVM, 3i and an undisclosed institutional investor from the US. The investment allows Domantis to further develop their lead domain antibody (dAbs) programs into clinical trials. Domantis has a unique proprietary position in dAbs, which means it is the only company capable of fully exploiting these molecules for therapeutic and diagnostic purposes. At present the company has eight proprietary therapeutic programs and three partner programs with Peptech, ImClone Systems and Abbott Laboratories. The current Peptech project is aimed at medical conditions where TNF is a factor, such as arthritis. Peptech's share in the capital raising will be paid in two instalments - 50 per cent immediately and 50 percent in 12 months time.
[Source: Company Announcement]
Sonic Healthcare half year results
February 19 – Sonic Healthcare has reported a net profit for the half year of $55.3 million, an increase of 14.1 per cent over the previous year. The result was achieved on revenues of $509.9 million, 5 per cent higher than the previous year. Sonic's Managing Director, Dr Colin Goldschmidt, said the result was ahead of budget and that Sonic was well placed to meet its full year guidance. The acquisition of Omnilabs pathology and its subsequent merge into TDL, Sonic's UK operation, and TDL's joint venture with the University College London Hospital are significant operational milestones that have aided in Sonic announcing a 25 per cent increase in interim dividend to 10 cents per share. Ongoing expansion in local and overseas markets place Sonic in a very strong financial and operational position, well placed to create further shareholder value in the future, stated Dr Goldschmidt.
[Source: Company Announcement]
Ventracor's heart pump ready for commercial production following human trials
February 19 – Ventracor is moving closer to a global trial of its cardiac assist device, VentrAssist left ventricular assist system (LVAS), after demonstrating a successful transition from animal testing to clinical use. Ventracor is now seeking to move from the current Pilot Trial to a Pivotal trial to test the safety of the device in a wider range of patients as soon as possible. The Pivotal trial will begin when Ventracor believes sufficient safety data is obtained from all implanted patients currently taking part in the current Pilot Trial. Five patients at The Alfred Hospital in Melbourne have received a VentrAssist implant, all that have end-stage heart failure. Four are said to be doing well, while the fifth died due to an unrelated pre-existing condition. Ventracor says its advanced design places the product technically ahead of its competitors and serves as an advantage to bring the product to market in the shortest time possible. Ventracor will base manufacturing of the VentrAssist product in Australia.
[Source: Company Announcement]
