REVIEW OF OPERATIONS
The Group has grown its Consumer Health Business significantly during the reporting period and, with the acquisition of Advangen Inc., opened up a global opportunity for the commercialisation of its FGF-5 inhibitor hair growth products.
The Midkine Business has reached critical product development objectives in relation to the midkine antibody program and commencing the studies necessary for the ‘first in man’ phase 1/2a clinical trials of its anti-midkine antibodies in multiple solid tumours. Significant progress has also been achieved in the Group’s diagnostic business with the launch of the first commercial product with midkine as a biomarker, CxBladder by Pacific Edge Limited, and a new option to license agreement with Fujikura Kasei (Japan).
Consumer Health Business - Acquisition of Advangen Inc. means a global opportunity for the FGF-5 inhibitor hair growth products
Advangen International Pty Ltd, a controlled entity, was set up to commercialise over-the-counter hair growth products based on the FGF-5 inhibition technology developed by Advangen Inc. (Japan). Advangen International Pty Ltd originally negotiated exclusive manufacturing and distribution rights for Australia, USA and Europe and commenced its commercial proof of concept program in September 2012 in Australia by the appointment of a pharmacy distributor.
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