Alchemia named Queensland's 'smartest' company

Brisbane biopharma Alchemia (ASX:ACL) has been named the overall winner of the Queensland Government's Smart Awards 2005 for its efforts towards commercialising a new treatment to fight cancer.

Alchemia received the highest honour out of the seven category winners, announced by Queensland premier Peter Beattie, at a ceremony in Brisbane earlier this week. The company also won the Science and Technology category.

Now in its third year, the annual Smart Awards showcase Queensland's most outstanding companies from the core industry sectors that drive the state's economy. Alchemia won a total prize of AUD$30,000, which comprised $10,000 for overall winner, $10,000 for the Science and Technology category and $10,000 from Qantas for corporate travel.

Alchemia CEO Dr Tracie Ramsdale said she was delighted to receive the awards. "It's a public recognition of Alchemia's achievement and a recognition of the roles that biotech companies play in the development of the knowledge-based economy," she said.

"We are delighted that our effort in developing a new anti-cancer drug has been acknowledged. Selecting a compound is a major milestone and a validation of the technology platform."

Ramsdale also recongised the commitment from the government, "We are very grateful for the ongoing support of the Queensland government, and applaud its commitment to innovation in this state, particularly to the biotechnology sector," she said.

Ramsdale said Alchemia's lead anti-cancer drug candidate, ACL16907, had demonstrated positive results against prostate cancer and non-small cell lung cancer in preclinical studies. It is scheduled to start human clinical trials in 2006.

"In animal model trials we proved that ACL16907 significantly inhibited tumour growth, which highlights its broad potential against all solid tumour cancers," she said.

Alchemia has commenced formal studies of ACL16907 to support an Investigational New Drug (IND) application to the United States FDA, which is required for regulatory approval to start phase I/II clinical trials early in 2006.

In July, the Queensland government formed a partnership worth $36,000 with Alchemia and Clinical Network Services to raise their profiles and the reputation of Smart State biotechnology in the US though the use of a specialist consultant. Over the last five years, Alchemia has received $11 million from the AusInsdustry Start Program.

Also recognised in the Smart Awards were tech transfer company UniQuest, a finalist in the services category, and Allflex Australia, a finalist in the agribusiness category.