DR IAN NISBET REFORMS XENOME FOR 2009 IPO
August 20th 2008 09:02
Monday August 18, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS FLAT: NOVOGEN UP 13%, OPTISCAN DOWN 13.5%
* DR IAN NISBET REFORMS XENOME FOR 2009 IPO
* BIO-GUIDE BRIEF: ACRUX
* PHARMAXIS PHASE III CYSTIC FIBROSIS TRIAL RECRUITED
* PEPLIN REQUESTS ‘CAPITAL RAISING, MANAGEMENT’ TRADING HALT
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XENOME
Xenome’s chief executive officer of eight months Dr Ian Nisbet is preparing the ground for an initial public offer, probably in 2009.
Dr Nisbet, 54, has been set the task of reviewing and renewing Xenome and told Biotech Daily that he expected this year’s annual report to be significantly different from last year.
The board has changed entirely and there have been significant changes of management and staff at the public unlisted, Brisbane-based company.
QBF is a major shareholder and its acting chief executive officer and Peplin director Dr Cherrell Hirst is a board member as is GBS Venture Partners’ Dr Andrew Baker.
Pharmaxis chief executive officer Dr Alan Robertson is a member of the scientific advisory board.
Results of a phase II trial of Xenome’s lead conopeptide compound Xen2174 for cancer pain are expected to be released this week with the same compound being trialed for post-operative and chronic pain.
Dr Nisbet said Xenome had a library of 2,000 conopeptides and would focus on their use in pain and inflammatory indications, while partnering compounds for metabolic and other diseases.
Dr Nisbet said the company had venom-based compounds at early preclinical and phase II stages and was interested in licencing-in compounds for pain and inflammation at later stage preclinical development.
“We have a massive library but still need compounds to fill the gap between preclinical and phase II,” Dr Nisbet said.
He says the company intends to develop compounds within its own areas of pain and inflammation and find partners for indications outside those central areas.
QBF owns 72 percent of Xenome, GBS Venture Partners holds a $US6 million convertible note that translates to a substantial holding, with the San Diego-based partner Amylin holding a further 15 percent. CSL, the University of Utah and the company’s four founders hold small parcels of shares.
Dr Nisbet said QBF had allowed itself to be diluted to bring in other investors, but along with GBS and Amylin had committed to supporting an initial public offering next year.
“We’re not focused on listing because of the market [and] we need to get a few more pieces of the puzzle, yet,” he said. “We would want to list in 2009.”
Dr Nisbet was not able to disclose the company’s financial positon but said $US10 million was raised last year and GBS had proved $US6 million this year.
Dr Nisbet said the company had been around for nine years without significant advancement. The phase II trial cancer pain trial began in 2005.
He said investors either had a negative view of the old Xenome or had no knowledge whatsoever.
“One objective is to get the Xenome story out and about to potential investors. I want them to have heard about Xenome. It really is an effort to get a story out there for when we do IPO,” he said.
Dr Nisbet appears to be the right choice for the job. His University of Melbourne degree was followed by a 1986 Monash University doctorate of philosophy on cloning interferon genes.
After working as a research assistant with Prof Fred Hollows he joined CSL in 1979 rising to director of planning and coordination of research and development before departing for the Cambridge Massachusetts’ Millennium Pharmaceuticals in 1997.
At Millennium he was project leader for Velcade for multiple myeloma which was partnered with Johnson & Johnson.
In 2004 he came home to Melbourne to run Meditech taking it to its merger with Alchemia in 2006 and since then has worked for Chemgenex, joining Xenome early this year.
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