Meditech raises $2.2m in share purchase plan

Meditech Research (ASX:MRL) has added AUD$2 million to its coffers through a shareholder purchase plan, bringing the total capital raised recently to $6.8 million.

"We've had a very satisfactory outcome -- we're very pleased with that," CEO Chris Carter said.

The capital will be used to continue the development of the company's HyACT technology for oncology applications, and a new antifungal treatment HyAPE, as well as to fund early stage development of novel carbohydrate therapeutics in collaboration with Griffith University's Institute for Glycomics.

Carter said the company was in advanced discussions with an international biotechnology company to enter into a collaboration and licensing agreement. "This potential collaboration should be good for Meditech," he said.

The deal is likely to be finalised before the end of the year, according to an earlier announcement made by the company.

Most of the patients for the first part of Meditech's HyCAMP Phase I clinical trial are now enrolled, and results are expected in early 2004.