InterSuisse backs tanning drug
Tuesday, 01 July, 2003
Melbourne-based biotech EpiTan has sealed a deal with stockbroking firm Intersuisse Corporate Pty Ltd to underwrite $2,500,000 worth of shares in the company.
The move follows Intersuisse’s recent biotech industry report, showing better than average returns from biotech stocks -- the firm is obviously putting its money where its mouth is in EpiTan’s case. Dr Wayne Millen, EpiTan's managing director was equally pleased with the commitment.
"We are delighted to receive this support from option holders and institutional investors. The additional funds . . . increase our cash on hand to over $4 million,” he said.
Millen said the company would now fast track clinical trials on its slow release implant, and seek FDA approval for its leading drug candidate, Melanotan. The drug is currently in Phase IIb clinical trials at Sydney’s RPA Hospital and the Royal Adelaide Hospital. First human implant trials are expected to begin in November at the Queensland Institute of Medical Research (QIMR).
EpiTan is also investigating the use of Melanotan as a therapeutic agent for other skin diseases such as vitiligo, albinism, psoriasis, as well as sunlight-related conditions such as polymorphous light eruptions (PMLE or sun poisoning) and solar urticaria.
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