Australian biotech market today 30.03.09

Pharma and biotech is down slightly on the stock exchange at 3.00pm today, along with the rest of the All Ords.

Progen (ASX:PGL) is down 6.5 per cent following Friday’s disastrous meeting, in which shareholders turfed out most of the board. Only company founder Stephen Chang and CEO CEO Justus Homburg remain.

Former Bresagen CEO Dr Wolf Hanisch has been appointed a non-executive director, but three Cytopia (ASX:CYT) shareholders who ran for election were all defeated. Cytopia was up a touch on tiny trades today.

The other player in the drama, Avexa (ASX:AVX), which is trying to raise almost $15 million to continue its Phase III trial of apricitabine for HIV, is down 2c on moderate volumes to 9c.

Acrux (ASX:ACR) is down slightly on very low volumes, while Biota (ASX:BTA) is up 7.4 per cent following news that its Japanese partner is close to marketing its long-acting NI for flu.

Cellestis (ASX:CST) is up 9c on small volumes. The Big Three are topsy-turvy as usual: Cochlear (ASX:COH) is up 43c, CSL (ASX:CSL) is down 31c and ResMed (ASX:RMD) is up 10c.