AustCancer ditches its mining past

Another West Australian ex-mining listing has finally shaken off the last vestiges of mineral exploration and turned completely to the world of biotech.

Australian Cancer Technology (AustCancer) has finalised the sale of its exploration interests with the sale of rights at Laverton, WA, to Julia Corporation.

AustCancer, which started life as Exodus Minerals, first dipped its toe in the biotech water in 2000 with an interest in MS diagnostic methodologies researched at Murdoch University. It changed its company name to AustCancer in 2001, and has since been steadily divesting itself of its mining assets.

The deal, which will net the company $AUD700,000, is to be staged in three parts. Already $300,000 has been paid, $200,000 will follow in six months and the balance will be paid on production of commercial gold ore from the Julia Mikado Gold project at Laverton.

According to managing director Alistair Cowden, no changes are envisaged on the AustCancer board although there are still at least two ex-mining directors listed.

"Having directors with a mining background is actually a positive because they are very experienced in the risk industry. They are just business people. And most shareholders want business people to run the company, not scientists," he said.

This is the last of AustCancer's mining heritage, and signals the company's firm intention to focus on further clinical trials of its current research on Pentrix, an anti-cancer vaccine.