Acuvax cashes in RESprotect
Wednesday, 15 April, 2009
Vaccine developer Acuvax, formerly known as Avantogen, has sold its 10 per cent stake in a German company to raise cash.
The German company, RESprotect, is the original inventor and developer of pancreatic cancer drug RP101, the North American rights to which Acuvax owns 43 per cent.
The drug is being developed in North America by Acuvax’s partner SciClone Pharmaceuticals, which owns the majority rights. RESprotect retains the rights in the rest of the world.
The Brisbane company, which is also affiliated with dengue fever developer Hawaii Biotech, said the sale was worth $750,000 and would bring in $410,000 in cash.
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