ADIEU APOLLO
November 6th 2008 09:37
Monday November 3, 2008
Daily news on ASX-listed biotechnology companies
* GLOOMY OCTOBER: LIVING CELL UP 16%, OPTISCAN DOWN 67%
* TODAY: ASX, BIOTECHS UP: PEPLIN UP 31%, VIRALYTICS DOWN 4%
* ADIEU APOLLO
* FDA GREEN LIGHTS ARANA ART621 RHEUMATOID ARTHRITIS TRIAL
* ATCOR MEDICAL SIGNS $792k PHARMACEUTICAL CONTRACT
* GENETIC TECHNO MINORITY DIRECTORS NOMINATE HUW JONES
* 29% OPPOSE NOVOGEN DIRECTOR OPTIONS
* BIOSIGNAL, TISSUE, NARHEX, DIA-B, AVANTOGEN LOW ON CASH
* BIO-MELBOURNE WORKSHOPS STRATEGIC COMMUNICATIONS
* BIOTECH DAILY TOP 40 WITH MARKET CAPITALIZATION
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APOLLO LIFE SCIENCES
Two Pitcher Partners executives have been appointed as administrators for Apollo Life Sciences and are proceeding to sell the company’s assets.
On October 23, 2008 Apollo’s chairman John Priest told the ASX he was unable to complete a funding agreement for the company and after the close of business on Friday October 24, Pitcher Partners said it had been appointed administrators of the company.
Today, Pitcher Partners said it would sell the major assets relating to oral and topical delivery formulation technologies.
The assets include intellectual property, nano-technology over-the-counter skin care therapeutics, laboratory equipments as well as office equipment.
Apollo developed two core platform technologies for oral and topical delivery of protein-based therapeutics which currently need injection.
The company said it had advanced a topical anti-tumor necrosis factor therapeutic for psoriasis, that combined one of its own human cell expressed proteins with its Intradel topical delivery technology and an oral insulin, using its Oradel oral delivery technology and was developing an oral anti-tumor necrosis factor for arthritis.
A range of skin care products, retailing in Myer under the Ellipse brand had been created by leveraging the Intradel technology. Over-the-counter topical psoriasis and arthritis treatments and a mass market skin care range “attracted strong buying interest from major US retail chains” Apollo has previously said.
Apollo was described as the first casualty of the global downturn, when it sought a voluntary suspension from trading earlier this year (see Biotech Daily; March 18, 2008).
Since then, Apollo has attempted to sell non-core assets, restructure and raise funds.
Once a Biotech Daily Top 40 company, Apollo’s share price tumbled, taking its market capitalization from $40 million in August 2007 to $31 million on February 1, 2008; $20 million on March 1; and $8 million on March 18, when it requested the suspension.
Pitcher Partners said the sale would be advertised with initial expressions of interest required by November 17, 2008.
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