Posts Tagged ‘CBio’

ASX Company News: CBio Has Success Treating Lupus

Friday, October 1st, 2010

Australian drug development company CBio Limited (CBZ) announced that is has completed animal studies into the effectiveness of Chaperonin 10 in treating systemic lupus erythematosus (SLE).   The results from the Lupus study conducted with the University of Munich show significant potential for the treatment of SLE and strengthen the company’s view that its lead compound XToll® has utility beyond a single indication.

Lupus is a chronic inflammatory disease that can affect various parts of the body, especially the skin, joints, blood, and kidneys. SLE is the most serious form of Lupus, a disease which mostly affects young females. The disease is treated with unspecific immunosuppressant’s such as steroids or cytotoxic drugs that cause serious toxicities in patients.

XToll® is a potential new-generation drug therapy which could provide safer and more effective treatment of autoimmune diseases.  CBio Managing Director Jason Yeates said this study is an important link in CBio’s drug development pipeline.  “We are greatly encouraged by these results as they provide us with further evidence that XToll® could potentially be developed to treat a range of autoimmune diseases,” Mr Yeates said.

XToll® is a biologically active, modified variant of the naturally occurring protein, Chaperonin 10. The company has previously completed phase I and early phase II studies with XToll® in rheumatoid arthritis (RA), psoriasis and multiple sclerosis (MS).

www.cbio.com.au

http://www.traderdealer.com.au/Fundamentals/cbz

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CBio Share Purchase Plan

Tuesday, May 18th, 2010

CBio (CBZ) announced on the 17/5/2010 that they would be conducting a Share Purchase Plan to raise additional capital. The record date was the 21/5/2010 on which shareholders must own the share to participate in the SPP. The closing date is 16/6/2010.  Shares will be issued on 24/6/2010 and begin trading on 30/6/2010.   A maximum of  $15,000 can be purchased by each shareholder at $0.35.

Discount : 13.6%  Liquidity : Poor Profitability : Poor  Stability : Poor

www.cbio.com.au

* Note: Discount is based on the closing price on the 17 May 2010.

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CBio Secures $12.45 milllion Funding For Next 3 Years

Tuesday, May 18th, 2010

CBio Limited (CBZ) is pleased to announce that it has secured up to A$12.45 million in funding with the New York-based institutional investor SpringTree Special Opportunities Fund, LP (SpringTree). CBio has entered into a Convertible Loan Agreement with SpringTree which provides funding to the Company over a three-year period.

The minimum funding available under the facility is A$5.45 million, with the first tranche of A$200,000 available to CBio within the coming days. The remaining funds can be drawn down each month in tranches of between A$150,000 and A$350,000, subject to the requisite shareholder approvals. The loans under the facility will be repaid through the issue of shares and options according to a formula contained within the Convertible Loan Agreement.

CBio Managing Director Jason Yeates said the SpringTree funding facility is a significant aspect of the Company’s business plan into 2011 and beyond.  “This funding provides a level of financial stability for the Company for the next three years. It provides working capital needed to complete the current Phase II clinical trial as well as funding resources needed to explore a number of development activities planned for 2011,” said Mr Yeates.  “The Agreement also offers flexibility in that it can be cancelled should it not suit our circumstances in the future and allows the Board to now fully focus its energies on the strategic direction of the Company over what will be a critical next 12 months,” he said.

CBio is currently completing a 150-patient, phase IIa trial in Rheumatoid Arthritis at sites throughout Australia, New Zealand and Central and Eastern Europe. The Company expects results from the trial to be available in mid-2011.

SpringTree is a New York-based investment fund that makes debt and equity investments in small and mid-cap public companies around the world.  Eugene Tablis, a Managing Director of SpringTree Global Investors, LLC (SpringTree’s general partner (manager)) said the CBio opportunity is a great fit for the Fund. “While this is our first rheumatology therapeutics investment, this is our fourth Australian biotechnology investment and we have been very impressed with the quality of the Australian science that is often under-discovered by the global markets, as well as the quality of CBio’s management.”

www.cbio.com.au

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CBio Achieves Arthritis Treatment Milestone

Friday, March 12th, 2010

Australian drug development company CBio Limited (CBZ) announced the achievement of a clinical trial milestone under its option agreement with global pharmaceutical leader Novo Nordisk A/S. The agreement relates to the development of XToll, the potential new-generation drug therapy which could provide safer and more effective treatment of autoimmune diseases such as rheumatoid arthritis (RA).

The clinical trial milestone was triggered by the recruitment of the 75th patient into the current 150 patient phase II clinical trial.  “We remain greatly encouraged by progress in the trial and feedback from clinical investigators, and are focussed on completing the trial and receiving the final results,” said CBio Managing Director Jason Yeates.

“We believe that CBio holds an attractive pharmaceutical asset in XToll and that the drug has the potential to address the unmet needs of patients and participate in what is currently a US$17 billion global market,” Mr Yeates said.  “Many patients are only partial responders to existing therapies and adverse effects from these therapies are a real issue being faced by RA patients every day. Safer and more effective treatments are needed,” he said.

Under the terms of the agreement, Novo Nordisk will make a milestone payment to CBio of US$1 million.  The agreement was signed in May 2008 and grants Novo Nordisk an exclusive option to negotiate an exclusive licence to CBio’s intellectual property surrounding XToll which is currently in phase II clinical trials at sites across Australia and New Zealand. Additional clinical trial sites in Serbia, Bosnia and Georgia are expected to commence recruitment this month.

www.cbio.com.au

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Analytica Invests in CBio

Tuesday, April 14th, 2009

Analytica Limited (ALT) has made a strategic investment in Australian unlisted Biotechnology company. CBio Ltd. Analytica has undertaken this investment to strengthen the depth of the company’s opportunities in the Biotechnology sector. 

Analytica has subscribed for Convertible Notes totaling $500,000 with the intention of acquiring additional notes in the coming months. The Convertible Notes have an attractive interest rate and can be redeemed after 31st December 2009 in lieu of converting the notes to CBio shares. However it is Analytica’s intention to acquire additional notes. 

www.analyticamedical.com

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