Media Centre
13 June 2010
Australian discovered anti-cancer drug EBC-46 raising $10m to fund human trials
QBiotics Limited, an Australian biotech company based in Yungaburra, North Queensland, continues to pursue the multi-billion dollar human anti-cancer market, following the success of its revolutionary anti-cancer drug EBC-46 in animals.
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The drug, named EBC-46, was discovered in the seed of a fruit found only in the tropical rainforests of North Queensland. QBiotics has announced today it is seeking to raise $10 million capital to fund Phase I Human Trials.
The trials will be managed in line with the guidelines of the USA Food and Drug Administration. The compound has already proven to successfully reduce or eliminate solid cancer tumours in over 100 animals around Australia including dogs, cats and horses, with no significant adverse side effects.
Corporate Finance Manager Reuben Buchanan says “QBiotics is likely to see significant value uplift for the company and its shareholders provided the drug moves successfully through the various phases of human clinical development.”
“QBiotics is raising $10 million under an Offer Information Statement which is available to download from the company’s website www.qbiotics.com under the Investors section. This is not an IPO. For now, Qbioitcs will remain a public unlisted company.”
“Potential multiple applications of the drug in both the veterinary and human markets provide investors with a reduction of risk as a biotech investment as well as a number of possible liquidity opportunities in the future.”
QBiotics CEO Dr Victoria Gordon says “moving forward into Human Clinical trials is an important milestone in the progress of the company. EBC-46 has shown real world “proof of concept” in animal trials and the time is right to raise the necessary capital to commence human development”.
QBiotics is expected to begin receiving revenue from sales of EBC-46 in the Australian veterinary market in late 2010. For more information contact Martin Palin (0418 419 258; mpalin@palin.com.au ) or Margo Field (0408 451 693; margo@palin.com.au ) at Palin Communications on 02 9412 2255
