BioProspect tightens its focus

BioProspect Limited (ASX:BPO) plans to change the focus of its lead product development after two costly delays.

The Queensland-based natural product developer will now concentrate on domestic product registration efforts for products based on the CGNC (Conifer Green Needle Complex) active ingredient.

BioProspect had been trialling the product in several overseas markets, but due to financial constraints has decided to focus resources on obtaining the required approvals domestically first.

The decision was made following the suspension of a trial of GI-GUARD oral paste for horses in the UAE in October, due to concerns over product quality that have since been investigated and proven unfounded.

The debut CGNC product will also be changed to AGIPRO, a topical gel for horses and potentially other pets and domestic animals. The previous lead product, GI-GUARD oral paste, will be relegated to the backburner.

BioProspect was forced to withdraw its registration application for GI-GUARD to the Australian Pesticides & Veterinary Medicines Authority (APVMA) after missing the time limit to submit required additional data on product chemistry.

Active constituent applications for an ingredient such as CGNC are typically tied to a product.

BioProspect COO Peter May said the refocus was “in part financially driven by looking at our costs and overheads.” But he expects that the streamlining could prove financially beneficial in the long run.

According to May, it will be more cost-effective to concentrate on the Australian market first. He expects it will also be cheaper and less complicated to commercialise AGRIPO; the company already has an ethics-approved trial methodology in place.

May said the APVMA's ruling on the earlier application has “given the company the feedback required to clearly identify those data gaps that need to be filled in order to satisfy regulatory requirements.”

Once the approvals process for CGNC is well underway, it will also be easier to submit applications for GI-GUARD.

A horse trial for a product which requires internal dosing is also more difficult than for an external product, May added.

BioProspect also offers a range of skin and healthcare products and a natural insecticide, and owns a 50% stake in oil and gas explorer Frontier Gasfields.

BioPropsect (ASX:BPO) shares stayed flat during Monday's trading at $0.006, with no shares changing hands.