INCITIVE MEETS THE ROUGH END OF THE BIOTECH PINEAPPLE
October 20th 2008 00:28
Friday October 17, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS RUDDERLESS: OPTISCAN UP 18%, BIOTA DOWN 7.5%
* INCITIVE MEETS THE ROUGH END OF THE BIOTECH PINEAPPLE
* CYCLOPHARM RIGHTS ISSUE TO RAISE $3.18 MILLION
* PSIVIDA VOTES ON 258% DIRECTORS’ PAY HIKE
* AVANTOGEN VOTES ON 215m OPARA-DILUTING SHARES, NAME CHANGE
* PROF IAN FRAZER WINS, GIVES AWAY $300k PRIME MINISTER’S PRIZE
* NZ GRANTS BENITEC GENE SILENCING PATENT
* EVADO LAUNCHES CLINICAL TRIAL SOFTWARE IN SE ASIA
* FERMISCAN APPOINTS DR RON SHNIER CHIEF MEDICAL OFFICER
* ADVANCED OCULAR APPOINTS STUART USHER DIRECTOR
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INCITIVE
Incitive is reviewing its business including the possibility of exiting the sector.
In an announcement to the market late yesterday, Incitive said directors Dr Tracie Ramsdale and Dr Kim Wright would resign at the company’s annual general meeting on November 20, 2008.
They will be replaced on the board by Winton Willesee, who was appointed Psivida’s Australian company secretary earlier this year (see Biotech Daily; March 27, 2008).
Incitive chairman Mel Bridges welcomed Mr Willesee’s “contribution in extracting value for shareholders from the existing … compounds we have in development, including the lead compound ICV0019, whilst also evaluating other business opportunities”.
“The ICV0019 program has been very successful and demonstrated that it has the potential to be a significant drug in the treatment of anti-inflammatory and autoimmune diseases,” Mr Bridges said.
“However, the current economic climate has reiterated the importance of developing Incitive’s assets in a way that will maximize the return for shareholders and hence our decision to look at the structure of the board and increase our capabilities to ensure the correct direction of the company is taken,” Mr Bridges said.
Mr Willesee said the ICV0019 development program was “nearing its animal model completion after reaching numerous successful milestones”.
“While the ICV0019 program has delivered strong results, it is crucial that we continue to systematically evaluate our strategic options and future plans in order to stay focused on maximizing value for all shareholders”
Incitive chief executive officer Don Home told Biotech Daily that the company could not rule out departing the biotechnology sector.
“We’ll do what we have to do to maximize value to shareholders,” Mr Home said.
“Nothing is ever ruled out,” Mr Home said. “All options are open.”
Incitive has said it aimed to be a leader in the development of drugs that treat inflammation and auto-immune diseases.
Lead compound ICV0019 is a purified protease isolated from bromelain, an extract from pineapple stems.
Incitive said ICV0019 acts by blocking the MAP kinase pathway to inhibit T cell activation and is being developed at the Queensland Institute of Medical Research.
Mr Willesee has a Master of Commerce, Post-Graduate Diploma in Business, a Diploma in Education and a Bachelor of Business and is a director of Newera Uranium, Future Corporation Australia, Base Iron, and Boss Energy.
Incitive’s annual general meeting will vote on prior share and option issues as well as the reelection of Mr Bridges and Mr Willesee as directors.
The meeting will be held at Pitcher Partners, Level 21, 300 Queen Street, Brisbane on November 20, 2008 at 11am.
Incitive was untraded at three cents.
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