PHYLOGICA ACQUIRES DYNAMIC MICROBIALS FOR $1m IN SHARES
November 26th 2008 12:00
Monday November 24, 2008
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PHYLOGICA
Phylogica will acquire all the outstanding shares in Dynamic Microbials in exchange for shares at the rate of 0.9 Phylogica shares for each Dynamic share.
Phylogica filed an Appendix 3B from to the ASX requesting the issue of 20,250,000 shares for the remaining 62.2 percent of Dynamic Microbials, a private, Perth-based biotechnology company that had licenced certain anti-microbial rights to Phylogica’s Phylomer technology.
At today’s share price of five cents, the additional stake is valued at $1,012,500 and the entire company at about $1.63 million.
The company said it had a 37 percent stake in Dynamic as a result of the original licence agreement.
Phylogica said Dynamic Microbials had been screening for peptides able to kill certain superbugs or micro-organisms that have developed multi-drug resistance.
In particular, the company has generated antimicrobial data against 50 different clinical samples of Acinetobacter baumannii.
The company said the bacteria was “a major cause of hospital-acquired infections globally” and multi-drug resistant strains of Acinetobacter baumannii were rising and killing “hundreds of patients each year”. Phylogica said the organism was an important pathogen in a number of patient populations including burns victims.
The company said the research program had generated peptides able to kill clinical isolates of multi-drug resistant strains of Acinetobacter baumannii, which in turn had “generated significant interest overseas from biotechnology and pharmaceutical companies”.
Phylogica said it was in discussions “with a number of these about potential partnering arrangements to help further the program and extending screening to other important related drug-resistant organisms such as Pseudomonas”.
Phylogica was unchanged at five cents.
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