Apollo's proteins sold to NZ

New Zealand biotech Symansis has purchased Apollo Cytokine Research for $500,000 (NZ$627,000).

Apollo Cytokine Research is the proteins arm of Apollo Life Sciences, which recently suspended trading on the stock exchange and is selling off its assets.

Apollo Cytokine makes a range of human cell-expressed glycoproteins for use in drug research, while Symansis produces antibodies that target molecules in growth factor, cytokine and stress signalling pathways.

Symansis CEO Dr Peter Foster said the acquisition was a strategic move to expand its product offerings and advance both the company's research program and business plans for growth.

"It allows Symansis to increase its competitive advantage by using superior proteins in its cell signalling research and creates new market opportunities for the company's antibodies and antibody/protein arrays by leveraging Apollo's international distribution and sales networks," Foster said.

"The Apollo purchase boosts Symansis' capacity to deliver a comprehensive range of antibodies to cover all major cell signalling pathways, while providing the added benefit of allowing the company to expand its sales network through Apollo's existing distribution agreements in North America, Europe and Asia."

Symansis markets antibodies for sale to institutions and companies conducting drug development focused on the signalling pathways within cells. The company also produces assay kits for researchers.

Foster said cancer diagnostics could be an option for the future, although the company will initially focus on the manufacture and sale of Symansis antibodies and Apollo human-derived proteins.

The former president of Apollo's cytokine arm, Leanne Daly, has agreed to act as a marketing and business development consultant for Symansis.

The deal also sees the transfer of Apollo Cytokine's manufacturing operations from Australia to Symansis' manufacturing partner, South Pacific Sera, in the South Island town of Timaru, where Symansis is co-locating its research laboratories.