Qld's Élan joins with US Meditech on biohazard
Monday, 01 September, 2003
Queensland company Élan BioDynamics, a wholly owned subsidiary of the Élan Group, has entered a joint venture with US company Meditech Pharmaceuticals to commercialise a system for detection of biological hazards including aflatoxin, and anthrax.
The shareholders' agreement setting out the conditions for the new company, Bio-D-Tec, was signed by Élan BioDynamics and Meditech Pharmaceuticals last week. Each company will own 50 per cent of the joint venture and each company is contributing intellectual property, said Élan Group CEO Colin Salmond.
Élan has developed a spectrometric chemical detection system that has broad applications for biohazard detection as well as agricultural and environmental industries. Meditech Pharmaceuticals has developed a compound active against the fungal organisms that produce aflatoxin, which has been linked to cancer.
"We believe that our capability of detecting hazardous substances such as anthrax, aflatoxin, pesticides and other toxins will provide society with cleaner and safer environments, and will contribute to homeland security for both America and Australia," said Salmond in a statement.
The US-based joint venture will pursue equity, government and strategic alliances to market its bioterrorism solution.
Salmond said he expected it would be 6 to 18 months before the product was on the market.
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