Healthcare Industry News: SuperGen
News Release - May 31, 2007
HalcyGen to target US$1b drugs market with licenses
IPO to raise $12.5m. Lead drug in Phase III trials in 2007Melbourne, Australia, May 31 (HSMN NewsFeed) HalcyGen Pharmaceuticals Limited (ASX: HGN) will raise $12.5 million in a fully underwritten initial public offering (IPO) to develop two anti-infective drugs licensed on an exclusive worldwide basis from Mayne Pharma International.
HalcyGen will bridge the gap between the mainline pharmaceutical industry and high-volume generics companies by developing new and improved proprietary generic formulations. Such formulations are known as "Improved Chemical Entities" or "SuperGenerics" and are potentially safer, more efficacious and/or easier to use pharmaceuticals.
Like generics, SuperGenerics often offer shorter lead times to market than new originator pharmaceuticals. But unlike generics, SuperGenerics also offer the potential for patent protection and premium pricing through improvement of formulation and delivery.
Upon listing, HalcyGen will have two products in clinical development – SUBA-Itraconazole (anti-fungal) and Minocycline (antibiotic) – both licensed from Mayne Pharma International Pty Ltd. Patents for improvements in the formulation of both anti-infective drugs have been granted in the USA and Australia and are awaiting examination in Europe and Japan. HalcyGen is further building its pipeline and is in advanced negotiations with Mayne for a third pharmaceutical product.
The issue of 25 million shares in HalcyGen at 50¢, fully underwritten by Tolhurst Limited, opened this week and is expected to close on 19 June. Market capitalisation of the Company after the IPO will be $38 million (76 million shares @ 50 cents).
HalcyGen raised $4.2 million in September 2006 to begin funding the cost of its clinical programme and manufacturing commitments under the licences with Mayne. Under the exclusive license agreements, Mayne will undertake the product development and manufacture of SUBA-Itraconazole and Minocycline for HalcyGen at Mayne’s Salisbury plant in South Australia. Under the license agreements, Mayne has been provided with a first-rights of refusal for marketing in Australia and New Zealand.
HalcyGen aims to be one of the few Australian companies with pharmaceuticals in pivotal Phase III clinical trials in 2007. The existing registered pharmaceuticals Itraconazole and Minocycline (including both branded and generic versions) presently sell in excess of US$1.0 billion worldwide.
The directors of the company are Dr Roger Aston BSc PhD – managing director and CEO, Mr Craig Bottomley – executive director and COO, the Hon. Ron Best – non executive director and Mr Bruce Mathieson – non executive director.
Source: HalcyGen Pharmaceuticals
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