PROGEN SPINS OUT PHARMASYNTH DRUG MANUFACTURING
July 3rd 2008 23:23
Wednesday July 2, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS DOWN: BENITEC UP 10%, NEUREN DOWN 9%
* PROGEN SPINS OUT PHARMASYNTH DRUG MANUFACTURING
* TGA APPROVES SAFETY MEDICAL’S PEN CAP
* FMR, FIDELITY DROPS 4% OF COCHLEAR IN JUNE
* NORTHCAPE INCREASES TO 8% OF PROGEN
* BIO-MELBOURNE: BIOTECH PATENT MANAGEMENT
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PROGEN, PHARMASYNTH
Progen has spun-out its manufacturing business as the wholly owned subsidiary company, Pharmasynth Pty Ltd.
Pharmasynth will focus on the provision of contract pharmaceutical development services by leveraging the skills developed through PI-88 development and manufacture of material for phase I to phase III clinical trials.
Progen said that more than 10 years of contract manufacturing experience provided “a sound basis for the manufacture of both biopharmaceuticals and small molecule drugs”.
Former Progen director of manufacturing operations Leslie Tillack has been appointed Pharmasynth’s chief executive officer.
Progen said Pharmasynth would be responsible for the completion of the process validation and technology transfer of PI-88 manufacture, expected to occur within the next 12 to 18 months. Pharmasynth will expand its process development and manufacturing services to the biotechnology industry.
The company’s manufacturing facility is licenced by both the Australian Therapeutic Goods Administration and the Australian Pesticides and Veterinary Medicines Authority for current good manufacturing practices.
Progen chief executive officer Justus Homburg said the spin-out of the manufacturing operations was consistent with his company’s core drug development focus.
“The manufacturing operations have served us very well to date but with the decision having been made to outsource the commercial supply of PI-88, the time is right to let the manufacturing business develop and grow in its own right,” Mr Homberg said.
Mr Tillack said Pharmasynth would provide a viable alternative to overseas manufacture of early phase pharmaceuticals and veterinary drugs.
For more information go to www.pharmasynth.com.au.
Progen was down three cents or 2.36 percent to $1.24.
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