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Australasian Biotechnology, Vol. 10 No. 5, 2000, pp. 10-17 BIOTECH BUSINESS Code Number: au00050
Adelaide-based biotechnology company Bionomics Limited has advised the Australian Stock Exchange it has made significant progress in its studies to identify genes involved in breast cancer. Dr Deborah Rathjen, Chief Executive Officer of Bionomics, said that “Bionomics has today filled a provisional patent application describing a gene located on human chromosome 16. The gene, which is associated with breast cancer, is less active in breast cancer cell lines. Reduced activity of this gene may allow cancer development.” This finding is the result of detailed gene identification methods coupled with extensive expression analysis studies. Breast cancer is the leading cause of death in women between 40 and 50 years of age with the lifetime risk factor for developing the disease being up to 1 in 10. In Australia alone, more than 8.500 women are diagnosed with breast cancer annually with 2,600 dying each year. Dr Rathjen commented further “the ultimate aim of the research is to be able to diagnose breast cancer while it is in its early stages so that therapy can be initiated. The identification of the genes responsible for breast cancer is an important step in this process. The genes identified may also be used as new drug targets.” The focus of the research being conducted by the Women’s and Children’s Hospital in Adelaide on behalf of Bionomics is the identification of genes on human chromosome 16 that are involved in the early stages of breast cancer development. BresaGen Offered $4.8 Million Grant to Find Parkinson’s Cure Through Cell Therapy Adelaide based biotechnology company, BresaGen Ltd, announced on 18 September it has been offered a $4.8M Commonwealth Government R&D START Grant to strengthen and accelerate its Cell Therapy Research Program. “The offer of this Grant is of extraordinary significance and importance to BresaGen. It will almost double the resources available to our Cell Therapy Program, and it is also a major recognition and validation of the scientific, clinical and commercial potential of our work”, said Dr Paul Tolstochev, General Manager of the Cell Reprogramming Division. “The major goal of the Program is to develop novel stem cell-based cell therapies for a number of important human diseases for which there are currently no satisfactory treatments,” said Dr Tolstochev. “Initial disease targets of the Program are Parkinson’s Disease and bone-marrow disorders”. The research is being conducted in the Department of Molecular Biosciences at Adelaide University under the scientific direction of Professor Peter Rathjen. The R&D START Grant is a Commonwealth Government initiative aimed at supporting research and development activities with high commercial potential, and matches funding already being provided by the company. It is proposed that two additional BresaGen project components will be supported by START Grant funds: a new collaboration to test the therapeutic potential of blood cells derived from stem cells to treat diseases of the bone marrow; and a new joint research project which will focus on using cell-cycle controls to help reprogram mature adult cells to stem cells. The latter approach may allow access to a patient’s own (autologous) stem cells, alleviating the need to derive such stem cells from embryos. Parkinson’s Disease is the major disease targeted by the Cell Therapy Program for establishing proof of concept of cell therapy technology in an animal model. Stem cells and their derivatives will be used in preclinical studies to treat symptoms of Parkinson’s Disease that can be induced in rats. “We have extremely encouraging evidence to suggest that mouse stem cell-derived nerve cells grow and survive for a significant amount of time when implanted into the brains of healthy rats,” said Dr Tolstoshev. “We have also recently purchased human stem cells from the US for studying the differentiation of human nerve cells in culture.” STEM CELL SCIENCES AND MONASH INSTITUTE PIONEER DEVELOPMENT OF CELL THERAPY Stem Cell Sciences, an Australian biotechnology company, in conjunction with Monash Institute of Reproduction and Development, recently published research demonstrating ‘proof of principle’ for human therapeutic cloning. Their results could potentially lead to effective cell-based therapy techniques for the treatment of a range of human diseases. Dr Peter Mountford, who supervised the research program at the Monash Institute and is now Chief Scientific Officer of the sponsoring company, Stem Cell Sciences, said “This basic research provides the first working model of a widely debated, potential new strategy in human cell-based therapies”. Cell therapies could be used to treat a variety of human diseases, including some for which there are currently no, or at best ineffective, treatments available. These include, for example, Parkinson’s disease, Alzheimer’s disease, spinal chord injury and heart disease. Cell therapy involves the injection of healthy cells into specific sites or organs of the body to replace diseased or damaged cells. To date, the use of cell-based therapies has been hampered by a lack of suitable donor cells. Human stem cells, isolated from early embryos, have the ability to grow in culture and develop into all types of cells found in the human body eg nerve, heart, muscle, brain etc. Embryonic stem cells, or ‘ES cells’, therefore provide a source of many different types of cells for replacement therapies. ES-cell therapies, like many tissue transplantation therapies, may face a significant problem in transplant rejection. As ES cells are derived from donor tissue and not from the patient’s own cells, the patient’s immune system will continuously try to reject the transplanted cells. One approach that avoids the problem of transplant rejection would be the use of stem cells derived from the patient’s own cells through ‘therapeutic cloning’. Stem Cell Sciences has proved for the first time that this can be done and, in principle, there is no reason why the same technique used in this mouse model could not be used in humans. The proprietary ‘reprogramming’ technique involves replacing the nucleus of an unfertilised oocyte, or egg cell, with that of a patient’s cell, in this case a mouse cell. The reconstituted cell is then tricked into thinking it has been fertilised and the cell divides. After several days in tissue culture the single cell produces a ‘cloned embryo’ which is the source of patient-specific stem cells. Stem cells derived by therapeutic cloning are genetically identical to the ‘donor’ mouse or patient and therefore avoid the risk of immune rejection associated with donor recipient matching. Dr Mountford said, “the major hurdle to realising the enormous potential of ES cell therapies is not so much the source of cells, rather it is the efficient production of purified cells for transplantation. SCS is well positioned in the race to deliver ES cell derived human cell therapies with an exclusive license to the most widely used ES cell purification technology and a proven track record in ES cell growth factor discovery”. Stem Cell Sciences was established in Melbourne in 1994 and is a recognised world leader in embryonic stem cell research. It has developed proprietary stem cell growth and purification technologies to provide a range of ES-derived cells for cell-based gene and drug discovery, and human cell-based therapies. The study referred to was published in Current Biology (2000), Vol 10, pp989-992. Thrombogenix Pty Ltd has secured a third round of funding for the development of drugs to prevent blood clotting, which is the major cause of heart attack and strokes. Funding of $7.2 million has been obtained from the Rothschild Bioscience Fund, the Thorney group (part of the Pratt Group), Macquarie PRISM and Macquarie Investment Managers as well as existing shareholders, the Macquarie Technology Funds and Momentum Ventures. The funds will allow development work to continue on a new class of anti-clotting drugs through to clinical trials. The potential drugs originated at the Australian Centre for Blood Diseases at Monash University. The anti-clotting agents work by inhibiting an agent (EPA) that activates the blood clotting process. A compound called TGX84 has shown promise as an EPA inhibitor. Thrombogenix is targeting its first trials of TGX84 in humans to begin within 18 months following safety and toxicology testing. The market for anti-clotting drugs has been valued at US$1.8 billion annually worldwide. Tel Dr Elane Zelcar (03) 9827 6427. Pharmaceutical company Faulding Ltd has released its 1999-2000 results:
Company announcements are published on the Faulding website under News at: http://www.faulding.com/ VIRAX ANNOUNCES PRELIMINARY FINAL RESULTS Virax Holdings Limited has lodged its final results for the year ended 30 June 2000. Virax reported a consolidated net loss of $2.4 million or 11.9 cents per share. This compares to a loss of $1.4 million or 8.3 cents per share the previous year. Research and development expenses increased to $1.9 million from $1.22 million for the previous year. This was due to increased spending for the Company’s upcoming clinical trials. The Company reported total revenues of $274,000 as compared to $390,000 for the previous year, which reflects lower interest income on lower cash balances and lower Start Grant receipts. Virax’s net assets at 30 June 2000 were $1.4 million. This compares to $2.7 million at the end of the previous year. During the year, Virax listed options (VHLO and VHLOA) were exercised for approximately 2.7 million shares. In July 2000, after the end of the fiscal year, the Company placed 3.2 million ordinary shares, raising $4.0 million that resulted in a post-raising cash position of $5 million. Dr David Beames, Virax Chief Executive Officer, said “Very significant progress was made during the year by meeting key corporate milestones. We continue to build value through milestone achievements such as strengthening our intellectual property position, adding alliances, and developing our Co-X-Gene™ platform technology by way of clinical trials. “As a development stage biotechnology company, we must rely on milestone achievements to mark our progress in adding shareholder value rather than more traditional shorter-term measures such as increases in revenue and earnings per share.” “As we look ahead, our key corporate milestones for the upcoming fiscal year are:
Progen Industries Ltd has announced the commencement of two new studies of its drug compound PI-88 in treating two major diseases, cancer and cardiovascular disease. The healthy volunteer studies began on 4 October in England and will be completed by early 2001. The objective of the first study is to compare the safety, tolerability and pharmacokinetic profile (concentration in the body over time) of PI-88 when administered subcutaneously (injection under the skin), rather than intravenously with the aim that ultimately PI-88 can be administered in a subcutaneous form to oncology patients. The second study will examine the safety and tolerability of rapid intravenous infusions of PI-88 in order to obtain an optimal anti-thrombotic effect when the drug is delivered intravenously as proposed for cardiovascular indications. These new studies are being conducted at Medeval Limited, the organisation that conducted Progen’s first clinical trial in 1998/1999. The study will run parallel to Progen’s current Phase Ib clinical trial of PI-88 in human cancer patients. The Phase Ib trial commenced in September 1999 at the Royal Melbourne Hospital and the Peter MacCallum Cancer Institute, Melbourne, and is expected to be completed later this year. The information obtained from the Phase Ib trial and these healthy volunteer studies will be used in the design of Progen’s planned Phase II trials. Progen’s Managing Director, Mr Lewis Lee, commented, “The advantage of subcutaneous administration of PI-88 is that it can be administered either by the patient or the care-giver, similar to insulin injections. These healthy volunteer studies will provide us with information regarding the appropriate dose level and schedule of a subcutaneous mode of delivery of PI-88 that can be adopted in our future trials with oncology patients. We are exploring alternative methods of administration as we expand PI-88’s clinical trial program in cancer patients”. Progen is planning three Phase II cancer trials and one Phase I/II cardiovascular trial for PI-88. Each trial will be undertaken in a different cancer type, and the specific cancers to be investigated are currently under review. In June 2000, Progen entered a strategic alliance with Medigen Biotechnology Corporation, a Taiwanese corporation. Under the alliance, Medigen is planning a number of Phase II cancer trials and at least one Phase I/II cardiovascular trial with PI-88 in a number of disease areas, some of which will be different to those investigated by Progen. Research conducted by Progen Industries, in collaboration with Loyola University Medical Center in Chicago, Illinois, reveals Progen’s anti-cancer lead compound, PI-88, to have a unique duel mechanism of action as a potentially potent anti-thrombotic and inhibitor of restenosis. Progen Industries Ltd has announced that recently conducted preclinical research of its leading anti-cancer compound PI-88, reveals that this compound also has a novel profile as a potential anti-thrombotic and inhibitor of restenosis, this dual mechanism distinguishing PI-88 from many other anti-thrombotic drugs. Proteome Systems Ltd has been offered a $3.3 million R&D START grant to support a $12 million initiative to develop instruments for proteomics research. Three instruments are under development for preparation of protein samples for analysis by mass spectrometry. The Xcise involves removing samples from an array, treating them and then delivering them to a mass spectrometer; the Chemical Printer uses Proteome Systems technology for microdispensing fluids on a protein array, followed by analysis in a mass spectrometer; and the PiezoLC employs a miniaturised chromatography system for preparing protein samples for mass spectrometry. The instruments will open up high- throughput proteomics for the academic/public sector research market, and the biotechnology industry market. Proteome Systems has reached agreement with Sydney-based Pneumatic Products Pty Ltd to assist with prototyping the Xcise instrument. The R&D Start grant follows a private capital raising of $16.3 million by Proteome Systems from investors in Australia and overseas, and support for its technology programs through strategic international alliances with Shimadzu Corporation of Japan and MicroFab Technologies of the USA. Proteome Systems has also announced the appointment of an exclusive worldwide distributor for its GlycoSuiteDB database which is the world’s first relational database of protein glycosylation. Glycosylation is a diverse group of protein modifications important in protein function and diseases such as cancer. In another development, Proteome Systems and Gradipore Ltd have announced a collaborative agreement to develop and manufacture two-dimensional gel technologies for the worldwide proteomics market. Under the agreement, Proteome Systems will source Gradipore 2D gels for use in its own large-scale programs and for its worldwide sales and marketing initiative in proteome platform technologies. Gradipore’s managing director, Tim Wawn, said that Proteome Systems’ proprietary Chemical Printing technology links gels to mass spectrometry and represented a crucial development that had been missing in proteomics. “As a result of this collaboration, I also envisage Gradipore and Proteome Systems combining their skills in developing new 2D gel technologies including the key academic partners of both groups,” Mr Wawn said. BresaGen Ltd is raising $15.3 million in a private share placement arranged by Intersuisse Ltd and has been awarded a $4.8 million R&D START Grant to support its Cell Therapy Program. The capital raising will fund the acquisition of CytoGenesis, Incorporated, a US-based company with expertise in the area of cell delivery and imaging technology. Managing Director, Dr John Smeaton, said it was expected that the acquisition was expected to advance Bresagen’s stem cell program by about two years. The research is being conducted in the Department of Molecular Biosciences at Adelaide University under the scientific direction of Professor Peter Rathjen. It is proposed that two additional BresaGen project components will be supported by the START Grant funds: a new collaboration to test the therapeutic potential of blood cells derived from stem cells to treat diseases of the bone marrow; and a new joint research project which will focus on using cell cycle controls to help reprogram mature adult cells to stem cells. The latter approach may allow access to a patient’s own (autologous) stem cells, alleviating the need to derive such stem cells from embryos. Parkinson’s Disease is the major disease targeted by the Cell Therapy Program for establishing proof of concept of cell therapy technology in an animal model. Stem cells and their derivatives will be used in preclinical studies to treat symptoms of Parkinson’s Disease that can be induced in rats. “We have extremely encouraging evidence to suggest that mouse stem cell-derived nerve cells grow and survive for a significant amount of time when implanted into the brains of healthy rats,” said Dr Tolstoshev. “We have also recently purchased human stem cells from the US for studying the differentiation of human nerve cells in culture.” In the longer term, the development of a cell therapy platform technology will require a system for the accurate delivery of healthy cells to diseased areas of the body. Bresagen is currently recruiting scientists to undertake the expanded research program. Biotechnology investment company, Analytica Ltd, has exceeded the $6 million target of its IPO and closed with oversubscriptions in excess of $2 million. Listing on the Australian Stock Exchange is expected this month. Analytica has a portfolio of lead compounds for development as therapeutic drugs, including treatments for cancer, weight control and inflammatory diseases. Analytica is focusing on the mid-development stages of drug development, including the selection of a range of lead compounds and expert research teams, funding research for continued development and testing, patenting the intellectual property clinical trials and negotiating arrangements for the final drug development and marketing. Analytica is also focusing on applying western drug development techniques to Chinese medicines to develop new medicines for international distribution to chemists, acupuncture practitioners, supermarkets, franchises and through the internet. Analytica is also proposing to establish a franchise operation of 40 acupuncture and Chinese medicine clinics based on the Yoland Lim clinic in Wantirna, Melbourne. Yoland Lim is Vice Chairman of the Analytica Board of Directors. A slow response to biotechnology company, EpiTan’s IPO this month has resulted in an extension until October 27, and a likely listing date early in November. EpiTan completed a $7.3 million mezzanine investment fundraising in March this year, and is now seeking a further $8 million to develop and commercialise its drug, Melanotan, which produces a natural tan without sunlight. Melanotan was discovered by scientists at the Arizona Cancer Centre and EpiTan holds the exclusive, worldwide rights to develop, manufacture and commercialise it. Early trials have shown that the tan induced by Melanotan has high levels of eumalin which is thought to be the most effective type of melanin in preventing penetration of UV rays. Melanotan is a synthetic peptide similar in structure to that of naturally occurring a-Melanocyte Stimulating Hormone but, as a result of variations introduced into the structure, is up to 1000 times more active than the naturally occurring hormone in producing pigment in the skin, and also has a longer duration in the body. Human trials on Melanotan in the US have provided evidence of safety, proof of principle for tanning of the skin and appropriate dosage levels in producing pigmentation. Further clinical trials are required to demonstrate that increased tanning produced by Melanotan can be effective in reducing the incidence of skin cancer. The funds raised will be used for preclinical trials, Phase I and II clinical trials, and R&D trials on drug delivery mechanisms. Agricultural chemicals company, Nufarm Ltd, has announced an after-tax profit of $51.98 million after its first full year of trading on the Australian Stock Exchange. After abnormals such as asset sales, relocation costs and write-downs, the profit was $56.19 million compared with $52.7 million in 1998-99. Managing Director of Nufarm, Douglas Rathbone, has announced that the company will buy back up to 5% of the company’s issued capital over the next six months, as a result of concerns by directors that the share price does not reflect the fundamental value or growth prospects of the company. AVT SIGNS DEAL FOR CHINESE OPERATION Australian Vaccine Technologies Limited has signed a memorandum of understanding with Citic Hainan Pharmaceutical Company for the construction and operation of a blood fractionation plant in the Peoples’ Republic of China. Citic Hainan is a wholly owned subsidiary of China International Trust and Investment Corporation (CITIC), a major investment group with total assets of $54 billion and growing interest in biotechnology. Under the MOU, AVT will undertake a feasibility study involving project location, market demand, infrastructure needs, finance and a viral removal pilot testing program using 1000 litres of blood. CITIC will be responsible for project regulatory approvals, and provision of licences, infrastructure and utilities to enable AVT to construct, operate and export from the fractionation plant with an initial capacity of 500,000 litres of whole blood, increasing to one million litres within three years. Subject to the feasibility study, AVT has rights to 80% of the project and CITIC 20%. AVT is considering options to raise the requisite funding including a mix of debt and equity, and possible a listing on the Hong Kong Stock Exchange. AVT director, Peter Simpson, said the company’s knowledge of the SE Asian medical and pharmaceutical market and its access to blood fractionating technologies superior to those currently used in Europe and North America had been significant factors in the CITIC deal. He said the AVT technologies promised to be significantly cheaper and more efficient than the British Pharmacopoeia standard and, importantly, the products would be virus-free. Queensland biotechnology firm, Peplin Biotech, launched successfully on the Australian Stock Exchange last month, after an initial public offering raised $7 million. Peplin Biotech is developing anti-cancer drugs, originating from the plant, Euphorbia peplus. The first clinical application is for skin cancer, followed by prostate and breast cancer. Phase II clinical trials are currently under way at Brisbane’s Mater Hospital against a range of skin cancers and approval has been obtained for trials against melanoma and breast cancer skin metastases. The funding raised from the float will be used to progress treatment for advanced prostrate cancer, and the company aims to have a drug ready for clinical trials within two years. Managing Director, Garry Redlich said that Peplin Biotech’s compounds being tested at the Queensland Institute of Medical Research have demonstrated ability to kill two strains of advanced prostate cancer which are unresponsive to normal chemotherapy. MEDICA INVESTS MORE IN CYTOPIA Pooled Development Fund, Medica Holdings, is to invest a further $1 million in its subsidiary, Cytopia Pty Ltd, following progress with drug discovery research. Cytopia is aiming to develop novel drugs for the treatment of a range of immune disorders including inflammation and cancer, particularly leukaemia and lymphoma. By targeting key proteins in the biochemical pathways which control these diseases, Cytopia hopes to discover more specific drugs with lower side effects than current drugs such as corticosteroids. Several novel molecules have been developed which are highly active against Cytopia’s proprietary protein targets, including molecules which are active against a cell-based model of a form of childhood leukaemia. Healthcare information systems company, IBA Technologies Ltd has signed a $2 million contract to supply its MaxCare suite of clinical care software to the Australian Defence Force (ADF). The contract covers outpatient health information systems and electronic health records which will enable the ADF to operate clinics in all its Australian and overseas locations, via the ADF secure network. The MaxCare suite is fully portable and will give ADF medical and dental staff full access to patient records and enable them to order pathology, radiology or specialist services where required. The MaxCare healthcare suite will be initially deployed at three Victorian ADF sites belonging to the Army, Navy and Airforce. It will then be replicated throughout all ADF sites in Australia and overseas. IBA listed on the ASX in March this year, but has struggled to meet performance targets, announcing last month revenues of $11.2 million compared with $14.8 million forecast in its prospectus and a loss before interest and tax (EBIT) of $6.8 million compared with its prospectus forecast EBIT loss of $3.1 million. In June, IBA signed an agreement to joint the Medi-Safe Consortium which is creating a secure environment for the transfer of sensitive information such as patient records, pathology results and other confidential data, via a secure internet-based messaging service. Other companies in the Consortium include Software Agencies Australia, The Competitive Option, Reporting Solutions, Nexor, Utimaco and Siemens SSE. Melbourne-based drug delivery company, Norwood Abbey, has announced an agreement with US research hospital, Massachusetts General Hospital, to undertake exclusive development of a portfolio of patents. The agreement, which is in addition to an existing agreement with MGH for the use of laser technology, will allow Norwood Abbey to progress to the next phase of development of pressure wave technology over the next 15 months. Norwood Abbey has an option to licence the technology for the full life of the patents. The portfolio of patents covers the application of controlled brief energy pulses that create pressure waves which momentarily open a membrane allowing the delivery of the drug. The technology is designed to allow delivery of drugs to localised organs and tissues to improve the success of therapies to treat cancer, cardiovascular and other diseases. Development work will focus on:
Medical technology company, Psiron Ltd (formerly Medical Innovations) has raised $3 million in new equity to fund its ongoing R&D program to develop products for the diagnosis and treatment of cardiovascular disease and for the commercialisation of its patented treatment for psoriasis, Sorafin. BNP Investment Management has invested $2 million, while Adler Corporation has taken $1 million in equity. PRODUCT NEWS - NEW CORNING SPATULAS SET NEW STANDARDS
Five different configurations to bring a smile to the face of every researcher. Five configurations to meet a variety of laboratory tasks. That is what the new range of Corning Brand Spatulas offers. Designed to save researchers’ time and provide contamination-free samples, the new range is individually packaged to eliminate recycling and resterilisation needs. Manufactured from rigid, non-toxic polystyrene they are RNase/DNase free, non-pyrogenic, anti static and sterile. Dispensing, transferring and extracting substances quickly and contamination free, Corning’s new spatulas are ideally suited for scientists working with carcinogens and other toxic materials. Laboratories concerned with endotoxin levels of performing lyophilisation are ideal users. Corning’s new range of spatulas is available from Edward Keller Australia. Free phone 1800 032 984. Further information: David Thurstans, Corning International 18/12 Tryon Rd., Lindfield, NSW 2070 (Tel: (02) 9416 0492; Fax: (02) 9416 0493; Email: thurstand@corning.com) Delivering Everything Cryogenic BOC Scientific’s National Delivery Service, Cryospeed™ delivers more than just cryogenic liquids. Offering the most complete range of cryogenic products and services, Cryospeed™ caters for the wide-ranging needs of customers in both the scientific and medical communities. As well as delivering liquid nitrogen and liquid argon, Cryospeed delivers a wide range of cryogenic and safety equipment including Dewars, freezers, cryosurgical equipment as well as a Cryosafety kit containing face, hand and body protection. In addition, Cryospeed offers a 5-year vacuum warranty on MVE cryogenic storage equipment, the longest in the market. The Cryospeed service offers a range of delivery options to suit the diversity of customer needs. For high users of cryogenic liquids, Cryospeed offers a ‘milk-run’-style delivery service where a delivery vehicle automatically visits the customer’s premises on a weekly, fortnightly or monthly basis to replenish liquid nitrogen and liquid argon supplies. This regular delivery eliminates the need to re-order your supplies with Cryospeed service providers topping up supplies on an agreed schedule, ensuring that supplies never run critically low. Cryospeed also offers a 24 hour a day, 7 days a week delivery service for emergency situations in metropolitan areas. All Cryospeed service providers are fully-trained in cryogenic product information and in the safe delivery and handling of cryogenic liquids. The Cryospeed service offers customers a ‘hands-free’, fully managed service which includes the checking and refilling of your cryogenic vessels. Cryospeed service providers can also provide customer training in cryogenic safety procedures. Further information: Call BOC’s Scientific Support Centre for a free brochure on 1-800-658-278 or email: Scientific@spr.gases.boc.com New Zealand based biotechnology company, Genesis Research and Development Corporation, listed on both the NZ Stock Exchange and the Australian Stock Exchange last month. The floats followed the initial allotment of 5,750,000 shares at an issue price of A$4.60. Genesis, founded by CEO Dr James Watson, builds EST databases that provide the genomic platform for discovery of novel genes with commercial value, and has genomic programs in human health, forestry and agriculture. Genesis has a psoriasis therapeutic, PVAC™, derived from the bacterium Mycobacterium vaccae, which is currently undergoing FDA-approved Phase II clinical trials in partnership with the US-based Corixa Corporation. A Phase I clinical trial for an asthma therapeutic has been initiated in Wellington, New Zealand. Genesis and Corixa have signed a licensing deal with United States pharmaceutical firm, Medicis Pharmaceutical Corporation, for distribution rights to the PVAC psoriasis treatment. In June, Genesis raised NZ$13.8 million in a shares placement which attracted investment from a number of New Zealand institutional investors including Armstrong Jones, Arcus Investment Management, AXA New Zealand Funds Management, BT Funds Management and Guardian Trust Funds Management. About Genesis Genesis is a biotechnology company based in Auckland, New Zealand, with genomic programs in human health, forestry and agriculture. Genesis builds EST databases that provide the genomic platform for discovery of novel genes with commercial value and has considerable experience and expertise in high-throughput DNA sequencing, functional genomics and development of therapeutics. Partnerships with biopharmaceutical, agricultural, horticultural and forestry companies have been important for funding research to effectively develop potential products. Copyright 2000 - Australasian Biotechnology |
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