Don't think it's impossible for Australian companies to attract venture capital investment from the US, but their chances of success will be much greater if they can also prove that they can attract Australian VC. [ + ]

Prime Minister John Howard today announced a $5.3 billion package for science and innovation, the second tranche of funding under the Backing Australia’s Ability program. [ + ]

Singapore-based stem cell therapeutics company CyGenics has issued its prospectus for an AUD$18 million float on the ASX. With a pre-money valuation of $50 million, CyGenics will have a market capitalisation after the float of $68 million. [ + ]

Victorian drug-developer Biota released a bombshell this morning, announcing that it was suing its marketing partner, UK-based GlaxoSmithKline (GSK), for failure to promote and support its influenza drug, Relenza in the 5 years since the drug was launched. [ + ]

A US advisory panel has voiced support for further research to determine whether widely used anaemia drugs sold by Johnson & Johnson and Amgen might stimulate tumour growth. [ + ]

Australian biotech company Norwood Immunology plans to list its shares in London in late May, which should value the company at about £115 million (AUD$283 million). [ + ]

Sydney-based biotechnology company Avastra has announced it will open its $8 million share offer this Friday. Avastra will offer eight million shares at $1 per share, equivalent to 29 per cent of the company. Managing Director Paul Ralph said that with oversubscriptions this may rise to 33 per cent. [ + ]

Sydney-based biotech Proteome Systems has appointed two non-executive directors as it prepares for a long-awaited IPO. [ + ]

Brisbane-based Progen (ASX:PGL) has earned 'orphan drug' status from the US Food and Drug Administration for its much-touted PI-88 compound, for treatment of malignant melanoma. [ + ]

Technospeak and blue sky 'biodollars' will be frowned upon and plain English encouraged under the Australian Stock Exchange's new biotechnology reporting code. [ + ]

Brisbane biotech Genetic Solutions is set to create a tidal wave in the international beef industry's gene pool, after licensing its GeneStar DNA markers to new US partner Bovigen Solutions. [ + ]

Monash University's Department of Geriatric Medicine is pioneering a high-tech way of consulting with elderly patients so they do not have to leave their nursing home beds.

Biotech veteran Bob Moses, the chairman of Melbourne biotech company Meditech (ASX:MTR), had harsh words yesterday for the shareholders whose lack of support for the re-election of CEO Chris Carter as a director on the board led to both he and Carter resigning their positions. [ + ]

Shares in Sydney animal-health biopharma Imugene Limited (ASX:IMU) soared yesterday on news that animal trials have confirmed the efficacy of the company's new vaccine for controlling one of the international pig industry's most costly diseases. [ + ]

Brisbane-based pooled development fund Medica Holdings (ASX:MCA) is committing body and spirit to the drug-discovery race by taking a 100 per cent shareholding in its Melbourne subsidiary Cytopia -- and adopting Cytopia's name. [ + ]