In brief: Proteome Systems, EpiTan, Genesis R&D

By Renate Krelle
Friday, 17 December, 2004

Confirming its ambitions to move into drug development, Sydney-based Proteome Systems (ASX:PXL) has signed a contract to acquire US antioxidant drug-developer Eukarion. The acquisition involves a cash payment of up to AUD$150,000 in up-front consideration, and an an initial equity issue by Proteome Systems of approximately 1.7 million shares.

Eukarion's bank of antioxidant drugs are in pre-clinical development, and have potential as therapeutics for neurodegenerative and other diseases. One of the drug compounds is already sold in premium anti-aging cosmetic products.

EpiTan (ASX:EPT) is about to being a German trial to test skin-pigmentation drug Melanotan on sufferers of Polymorphous Light Eruption (PMLE), or 'sunburn poisoning'. This will be the first European trial for EpiTan. The company plans to apply for regulatory approval for the PMLE indication in Europe, allowing Melanotan to be sold off-label as a tanning drug.

New Zealand's Genesis Research and Development (NZSX/ASX:GEN) has appointed Stephen Hall as chief executive officer, replacing Dr Jim Watson. Hall has been head of corporate services with Genesis for four years.

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