Merger of Probiomics and Hunter Immunology to Speed Development of Promising New Vaccine
Hunter Immunology recommended shareholders accept the takeover offer from listed biotech Probiomics. The Company’s four largest shareholders, respected funds manager Chris Cuffe, investment group Intersuisse Biosciences and co-founders Dr Philip Comans and Professor Robert Clancy, who together hold over 45 per cent of shares, have all indicated their intention to vote in favour of the transaction. The reverse takeover bid announced by Probiomics in October offers nine Probiomics shares for each Hunter Immunology share.
The merged entity has indicated its intention to list on the ASX in March 2012 as a new drug development company with a market capitalisation of $37.7 million.
A formal Target’s Statement issued by Hunter Immunology said the proposed transaction would “combine two complementary businesses to create a new biotechnology and drug development company with multiple products and revenue streams.”
The new company will have the shareholder base and financial capacity to pursue other growth opportunities.
Hunter Immunology is developing a promising new vaccine to treat people suffering Chronic Obstructive Pulmonary Disease (COPD) that includes chronic bronchitis and emphysema. The vaccine is in the final stages of a 320 patient Phase IIb clinical trial to assess safety and efficacy. The trial results are due to be released in April 2012. An earlier Phase IIa clinical study involving 100 patients indicated a significant reduction in hospital admissions for patients with moderate to severe COPD.
Hunter Immunology Chief Executive Officer David Radford said, “A positive outcome from the trial in 2012 will expedite licensing and partnership discussions with a potential global pharmaceutical partners who will help us commercialise this promising new Australian treatment for the growing number of people worldwide who have few medical options.
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