Bioprospect buys into US diabetes company

By Renate Krelle
Thursday, 17 March, 2005

Queensland company Bioprospect (ASX: BPO) has dipped deep into its pockets, paying US$530,000 for a third of private Seattle-based biotech Astrum Therapeutics, which is investigating compounds that arrest the destruction of insulin-secreting cells associated with type 1 diabetes.

"We like the diabetes market sector," said chief executive Selwyn Snell.

He said Astrum would screen compounds in Bioprospect's natural library for activity against diabetes and other conditions. "These guys are quite experienced in other sectors of pharmaceuticals and we would like them to have a look at some of our more interesting compounds in other areas which we're going to discuss with them."

At December 31, Bioprospect had cash at hand of AUD$554,572. Snell said the balance of funds for the acquisition had come from "services and products supplied plus R&D rebate money."

Related News

'Low-risk' antibiotic linked to rise of dangerous superbug

A new study has challenged the long-held belief that rifaximin — commonly prescribed to...

Robotic hand helps cultivate baby corals for reef restoration

The soft robotic hand could revolutionise the delicate, labour-intensive process of cultivating...

Stem cell experiments conducted in space

Scientists are one step closer to manufacturing stem cells in space — which could speed up...


  • All content Copyright © 2024 Westwick-Farrow Pty Ltd