AustCancer shuffles staff and direction

Australian Cancer Technology (AustCancer) has changed tack with new management, a new product line and a move from Perth to Sydney -- all in one day.

The company sees current MD Alistair Cowden step down in favour of Sydney based Paul Hopper from October 1. Hopper comes to the AustCancer table bearing gifts in the form of a successful 20 million share, AUD$2.4 million capital raising, and an almost-signed deal with US-based NutraForte to licence its range of nutraceutical cancer-related products. The deal, for a 20-year licence to manufacture and distribute NutraForte's range of nutraceutical cancer therapeutics, was described by AustCancer executive chairman Dr Roger Aston as a "tremendous fit" for AustCancer.

Aston said it would offer a significant bonus in the form of existing links the researchers involved in the design of the products, Professor David Felten and Professor Barry Boyd. Both Felten and Boyd have agreed to join the company's scientific advisory board.

AustCancer said the new business was expected to "add significant value and underpin the growth of the company". "We are acquiring a business with excellent growth prospects and the potential to very quickly generate profits which will help drive the commercialisation of our cancer drugs," added Aston.

In addition to the main product line, multinutrients to help maintain patient health stability during radiation and other therapies, other lines offering immune system boosters, particularly cell-mediated immunity and natural killer cell activity will be considered. The products are aimed at both general and specific applications, including women's health, breast care and prostate care, and are slated to hit US shelves in February next year.

The company has indicated three key areas it will now be concentrating on, following the licence deal. These include the NutraForte range of patient care products to complement traditional cancer treatments, its Pentrix anti-cancer vaccine, now almost at Phase II trial stage, and lastly its partnership with UK-based BioFocus working on drug discovery.

AustCancer predicts the newly licensed business will be cash-flow positive within 12 months and will generate sales over US$10 million per annum within two years.