AustCancer attracts $2m investment
Friday, 08 October, 2004
US biotech company Bioaccelerate will invest AUD$1.88 million into Australian Cancer Technologies (AustCancer, ASX:ACU) through a private share placement of 4,893,301 ACU shares at $0.384 per share.
The investment comes with a commitment for a wider collaboration between the two companies, focusing on a new prostate cancer compound introduced by Bioaccelerate, and work on a pancreatic cancer drug recently acquired by AustCancer from German company RESprotect.
Bioaccelerate's prostate cancer project is based on two proteins -- calreticulin (EAF1) and TID1 -- which are downregulated in prostate cancer. Potential lead compounds, which modulate the expression or effectiveness of these two proteins, are being developed, with the aim of commencing Phase I clinical trials in 2005.
The placement is expected to be ratified at the company's AGM on November 4, 2004.
AustCancer is also planning to offer shareholders a non-renounceable rights issue one new share for every ten shares they hold as at October 18, 2004 at an issue price of $0.35 per share -- a 14.7 per cent discount to the one month volume weighted average price. The issue is expected to raise up to $4 million.
Babies of stressed mothers likely to get their teeth earlier
Maternal stress during pregnancy can speed up the timing of teeth eruption, which may be an early...
Customised immune cells used to fight brain cancer
Researchers have developed CAR-T cells — ie, genetically modified immune cells manufactured...
Elevated blood protein levels predict mortality
Proteins that play key roles in the development of diseases such as cancer and inflammation may...
