Avexa Chasing A Partner

Sydney Morning Herald

Friday April 18, 2008

Ari Sharp

THE drug developer Avexa has appointed a mergers and acquisitions expert, Nathan Drona, to its board as it continues to seek a commercial partner for its late-stage anti-HIV drug apricitabine.

The company took a blow last year when European and US regulators indicated phase III clinical trials of the drug would need to double, adding significantly to its development cost.

The hiccup led the company, whose $80 million capital raising effort last year was no longer adequate, to seek a commercial partner but so far it has signed only a collaborative agreement with the San Francisco testing company Monogram Biosciences.

Estimates of the cost of the trials, requiring 1800 patients at multiple sites, have been put at $100 million, a figure the chief executive of Avexa, Dr Julian Chick, said was "in the space".

He said the company still had a strong cash position.

The company expects to file its drug approval data with the US Food and Drug Administration in the second half of 2010.

Avexa closed up 1.5c, at 33c.

© 2008 Sydney Morning Herald

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