Imugene raises $5m; Salus seeks$6.4m

Imugene (ASX: IMU) has raised AUD$5 million through the sale of new shares primarily to institutional clients of Southern Cross Equities. The shares will be issued in two parts, with the first tranche occurring this week, and the second tranche following shareholder approval at an extraordinary general meeting to be held in January 2005.

The funds raised will be used to support commercialisation of the company's lead animal health products through the regulatory approval process to global marketing.

Q-Vis rebirth as Salus Technologies approved by shareholders

Shareholders in the former Q-Vis (ASX: QVL) yesterday approved the company's name change to Salus Technologies and investment into Providex Therapeutics, a private company developing platform technology based on delivery of targeted therapeutics via a viral vector.

The initial application for the technology, which has been developed over the last seven years by Mayne Pharma and CSIRO, will be a prostate cancer therapeutic. Salus will own 55 per cent of the company and rights to the platform technology, while CSIRO and Sanofi-Aventis will retain 37 per cent and 8 per cent respectively.

Salus is also seeking to raise up to AUD$6.4 million through a share placement scheduled to close on November 29. The funds raised will be used to support R&D activities leading up to a clinical trial next year.

The company will remain suspended from official quotation until it has completed requirements for relisting.

Stephen Menzies was approved as the company's new non-executive chairman and John Hasker as non-executive director by shareholders subject to completion of the placement.

Imugene (ASX: IMU) has raised AUD$5 million through the sale of new shares primarily to institutional clients of Southern Cross Equities. The shares will be issued in two parts, with the first tranche occurring this week, and the second tranche following shareholder approval at an extraordinary general meeting to be held in January 2005.

The funds raised will be used to support commercialisation of the company's lead animal health products through the regulatory approval process to global marketing.