Australian Cancer Technology Changes Name to Avantogen; With a Robust Pipeline Including Late-Stage Cancer Products and Powerful
31 May 2005 - 10:00AM
Business Wire
Australian Cancer Technology, Ltd. (ASX:ACU) announced today that
the Company's name has changed to Avantogen Limited, by a vote of
shareholders at a general meeting in Sydney on May 9, 2005.
Avantogen will continue to be traded on the Australian Stock
Exchange (ASX) under the symbol ACU. The Company has established a
Level 1 ADR stock program in the U.S., trading under the symbol
AUCJY, and also is listed under the symbol CBS on the Xetra
exchange, the electronic trading system of the Frankfurt Stock
Exchange. Both of these foreign exchange symbols will also stay the
same for the present. "This name change symbolizes the beginning of
a new, exciting era in our Company's history, following a
concentrated period of technology acquisitions and restructuring of
both our Board and management," said Dr. Leonard Firestone, M.D.,
who was appointed chief executive officer in March. "With two Phase
II cancer product candidates in the clinic, and an extremely
promising vaccine adjuvant involved in several Phase I U.S. trials,
Avantogen is now poised for a sustained period of rapid growth in
value and stature." Dr. Firestone outlined plans for the future
growth of the company, including its relocation to the United
States' biotech marketplace, during the shareholder meeting. The
slide presentation from Dr. Firestone's address to shareholders can
be found at www.avantogen.com. The Company also announced the
closing of an A$5.7 million 1:3 non-renounceable rights issue. A
total of 33% of shareholders participated, and the balance was
placed by Burdett Buckeridge Young (BBY) Limited. "I am gratified
to see this level of support by our shareholders. This successful
rights offering was the first stage of our Company's capital
program this year, which will allow our three exceptionally
promising clinical development programs to proceed at full pace. As
previously announced during our shareholder forums in April, the
second stage will raise, principally in the U.S. capital markets,
the funds needed to enter pivotal trials in the U.S., and to meet
NASDAQ's listing requirements," Dr. Firestone said. About Avantogen
Avantogen is an international biotechnology Company developing a
broad oncology-related product portfolio. Avantogen has acquired
the North American marketing rights for RP101, a promising
pancreatic cancer drug, and is currently conducting Phase II
clinical studies through a subsidiary company, Resistys Inc., a
joint venture with Bioaccelerate of New York. Avantogen's
Pentrys(TM) anti-cancer vaccine is being evaluated in prostate
cancer patients in Phase IIb clinical studies, and the Company is
advancing several immune enhancing adjuvants in three Phase I
cancer trials in the U.S. The immune-enhancing adjuvants were
developed by Galenica, a privately held U.S. vaccine developer.
Avantogen acquired Galenica in July 2004. The Company also markets
Revisys(TM), a branded line of medical nutritionals designed for
people with special needs, including those undergoing cancer
treatments. Forward-Looking Statements Statements contained in this
press release that are not historical information are
forward-looking statements as defined within the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties that could cause
Avantogen's ("company") actual results to differ materially from
those projected or implied. Such potential risks and uncertainties
relate, but are not limited, to the results of clinical trials,
product demand and market acceptance, the impact of competitive
products and pricing, effectiveness and pace of current and future
product development, and regulatory approval. More detailed
information on these and additional factors that could affect the
company's operating and financial results are described in the
company's annual reports filed, or to be filed, with the Australian
Stock Exchange. The company urges all interested parties to read
these reports to gain a better understanding of the many business
and other risks that the company faces. The historical results
achieved by the company are not necessarily indicative of its
future prospects. The company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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