BresaGen licenses protein production tech

BresaGen (ASX:BGN) has obtained a non-exclusive license enabling technology from the Massachusetts Institute of Technology for the production of proteins and peptides in bacteria.

"Essentially it gives BresaGen the freedom to operate," said managing director Wolf Hanisch. The technology adds to the company's ProtEcol Services business unit, which provides products and services to other biotech companies.

Hanisch said BresaGen, which was reinstated on the ASX in December after spending almost a year in voluntary administration, was making progress in rebuilding its business. "Things are going well, we are getting a broad range of smaller contracts, so that we are not dependent on just one contract," he said.

A recent announcement noted that at the end of January the company had signed contracts worth more than AUD$500,000 and entered into a $1.2 million collaboration with an overseas-based pharmaceutical company. The company is also hoping to raise $8.8 million through a non-renounceable rights issue, due to close on February 22, 2005.