Sydney-based biotech Peptech (ASX:PTD) is enjoying halcyon days, today revealing an after-tax profit of AUD$29.5 million for the half-year to March 31, on total revenues of $45.5 million. [ + ]

Adelaide epilepsy specialist Bionomics (ASX:BNO) has announced a yin-yang collaboration with international drug-discovery, life-science research and analytical solutions company PerkinElmer. [ + ]

A discovery by United Kingdom Medical Research Council (MRC) scientists, working with colleagues at Oxford University, provides a promising platform for research into the development of new treatments for inflammatory diseases, including arthritis and asthma, and cancer.

Expatriate Australian polymer chemist Prof Andrew Holmes is set to join Melbourne's Bio21 Institute of Molecular Science and Biotechnology in October. [ + ]

The National Stem Cell Centre has received a substantial boost in the form of an extra AUD$55 million in federal government funding to support it through the period 2006-2011. [ + ]

Swinburne University academic, Graham Farrell, has designed a product that aims to make saving lives easier. The Reviva Mask is an inflatable resuscitation mask the size of a matchbox offering all the efficiency and protection of a commercial medical mask.

Don't think it's impossible for Australian companies to attract venture capital investment from the US, but their chances of success will be much greater if they can also prove that they can attract Australian VC. [ + ]

Prime Minister John Howard today announced a $5.3 billion package for science and innovation, the second tranche of funding under the Backing Australia’s Ability program. [ + ]

Singapore-based stem cell therapeutics company CyGenics has issued its prospectus for an AUD$18 million float on the ASX. With a pre-money valuation of $50 million, CyGenics will have a market capitalisation after the float of $68 million. [ + ]

Victorian drug-developer Biota released a bombshell this morning, announcing that it was suing its marketing partner, UK-based GlaxoSmithKline (GSK), for failure to promote and support its influenza drug, Relenza in the 5 years since the drug was launched. [ + ]

A US advisory panel has voiced support for further research to determine whether widely used anaemia drugs sold by Johnson & Johnson and Amgen might stimulate tumour growth. [ + ]

Australian biotech company Norwood Immunology plans to list its shares in London in late May, which should value the company at about £115 million (AUD$283 million). [ + ]

Sydney-based biotechnology company Avastra has announced it will open its $8 million share offer this Friday. Avastra will offer eight million shares at $1 per share, equivalent to 29 per cent of the company. Managing Director Paul Ralph said that with oversubscriptions this may rise to 33 per cent. [ + ]

Sydney-based biotech Proteome Systems has appointed two non-executive directors as it prepares for a long-awaited IPO. [ + ]

Brisbane-based Progen (ASX:PGL) has earned 'orphan drug' status from the US Food and Drug Administration for its much-touted PI-88 compound, for treatment of malignant melanoma. [ + ]