Peplin trading halted

Brisbane based Peplin Biotech (ASX:PEP) has called a halt to trading shares on the ASX for at least a week, telling shareholders to expect a major announcement.

The company told the ASX that its managing director Michael Aldridge was travelling overseas to conduct "important negotiations" in relation to the company's anti-cancer products, and expected to be able to either make a price sensitive announcement or reconsider the trading halt in one week.

Peplin was recently granted a broad US patent covering lead drug PEP005 and related compounds for anti-cancer applications over and above its existing patents covering the compound as a treatment for skin cancer. The latter is the subject of a US$23 million collaboration and licence agreement with Allergan, and the drug is currently in Phase I/II clinical trials.

Before the halt was called, the company's shares were trading at AUD$0.71.