QBF ups Glycoz investment
Friday, 14 January, 2005
Queensland BioCapital Funds has invested a further $1.9 million in antibiotic-developer Glycoz, bringing its total stake in the company to $2.4 million
Glycoz is developing carbohydrate-based antibiotics based on research by Professors Mark von Itzstein and Ross Coppel.
The funding, in conjunction with a $1.8 million R&D Start Grant, will be used to take the company's lead compound through pre-clinical drug development.
QBF -- a $100 million closed end venture capital fund -- is a wholly-owned subsidiary of the Queensland Investment Corporation. It recently increased its holding in Brisbane unlisted biotech Xenome, taking up shares sold by Biotech Capital (ASX:BTC) and Cytopia (ASX:CTY).
In December, QIC's Neill Colledge replaced Kathryn Radford as CEO of QBF.
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