In brief: Pharmaxis, Metabolic, Avantogen, Biotech Capital, Bone Medical, Xceed Biotechnology

Pharmaxis (ASX:PXS) has responded to a request by the ASX to explain why its shares rose from $1.34 on 15 June 2005 to $1.61 on 22 June 2005 by saying that it is unaware of any information that could explain the price change and increase in volume of trading in its shares over that period. However, the company said in a statement "it is aware of favourable media coverage of its activities in recent months." Pharmaxis shares were trading at $1.55 at the time of writing.

Metabolic (ASX:MBP) has commenced dosing in Adelaide for the Phase I human clinical trial of its neuropathic pain drug ACV1. The trial is expected to be finished by the end of 2005 and, pending a positive outcome, Phase II trials will be conducted in 2006.

Avantogen (ASX:ACU) has signed a manufacturing agreement with global pharmaceutical company Dr Reddy's Laboratories for the production of its proprietary adjuvant GPI-100.

Biotech Capital (ASX:BTC) investee company Stem Cell Sciences has notified the London Stock Exchange of its intention to seek a listing on the Alternative Investment Market (AIM). The company has appointed UK broker Collins Stewart as its nominated adviser and broker and the proposed capital raising is of up to ₤10 million.

Following his appointment as chairman of Innovate Oncology (OTC:IOVO), reported in Australian Biotechnology News yesterday, Paul Hopper has also been appointed chairman of Bone Medical (ASX:BNE). Michael Redman who is currently Bone Medical's CEO and chairman will continue as CEO and director.

Xceed Biotechnology (ASX:XBL) has appointed David Williamson as company secretary and CFO after the resignation of Samantha Pettemerides.