EpiTan answers ASX trading query

Melbourne-based EpiTan's share price (ASX:EPT) has doubled since April, but that's just because of increased market awareness, the company has told the Australian Stock Exchange.

Answering to a 'please explain' from the ASX about the company's rocketing price, EpiTan company secretary Iain Kirkwood said market awareness of clinical trials of its primary drug candidate, Melanotan, a tanning drug, was responsible.

The Phase IIb trials are due to be wound up in September, and EpiTan is scheduled to meet with US Food and Drug Administration officials in October to discuss US-based human implant trials of the drug.

Kirkwood said EpiTan was seeking to partner a larger drug firm to commercialise Melanotan. At press time, the company's share price was AUD$0.90, up from $0.82 when the market opened this morning.