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CBio has undertaken clinical trials with XToll in more than 150 patients and the company is now conducting a phase II clinical trial in patients suffering moderate to severe rheumatoid arthritis. These trials are due for completion in the first half of 2011. XToll has been developed from intellectual property generated at the University of Queensland. The drug is protected by numerous patents and a Notice of Allowance covering the key US market where three major rheumatoid arthritis therapies generated sales in excess of US$10 billion in 2008. CBio Executive Chairman Stephen Jones said the amount of capital required to continue development of XToll means that the IPO process will target professional fund managers, institutions, and the retail market. “The planned ASX listing is a strategic initiative that will enable CBio to access funding from sources previously unable to invest in the company,” Mr. Jones said. “These funds will allow CBio to complete the development programme through to the end of the current clinical trial which, if successful, will be the most significant value inflection point for the company, and for shareholders,” he said. “Rheumatoid arthritis is a cruel disease. Joint destruction and pain inflicted can be so overwhelming as to severely affect quality of life,” Mr. Jones added. “I believe we have something unique
here with the potential to make a real
and positive difference to the lives of
many millions of people,” he said. < Return to the Exchange front page More topics:
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