Avastra investigates using Bioweld for drug deliery
Friday, 17 September, 2004
NSW biomaterials company Avastra (ASX: AVS) is investigating the potential of its BioWeld technology -- which uses a protein solder activated by laser light to fuse together blood vessels -- as a drug delivery mechanism.
Managing director Paul Ralph said preliminary results were very encouraging and the company had decided to move forward into further studies. In particular, Avastra will focus on filing provisional patents on specific drugs that could achieve improved delivery with BioWeld. The improvements are due to the compound's ability to maintain physical integrity with a controlled rate of absorption in vivo, allowing timed release of drugs.
"There are ramifications for non-systemic drug delivery, especially of compounds where large amounts now required in [conventional] systemic delivery results in commensurately large negative side effects," Ralph said in a statement.
Meanwhile the company will focus the bulk of its efforts on getting its BioWeld Tube technology into clinical trials during the fourth quarter of the year in preparation for regulatory approval in 2005.
Avastra listed in June after raising AUD$8 million in an IPO priced at $1.00 per share. But the company's share price has slumped after a lacklustre debut at $0.99, and at the time of writing shares were trading at $0.62.
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