AI assistant
RENT.COM.AU LIMITED Capital/Financing Update 2004
65722_rns_2004-03-29_d00f594b-0087-48af-96ac-cf904568a2b5.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
ASX ANNOUNCEMENT
Update on Hepatitis E & A Diagnostic Projects
30 March 2004
Hepatitis E
Shareholders in Select Vaccines Limited (ASX:SLT) will be aware of the Term Sheet announced in late 2003 in relation to the out-licensing by Select of the manufacture, sale and distribution of an improved lab-based ELISA test as well as a new point-of-care rapid diagnostic test, both for the detection of infection with Hepatitis E virus (HEV).
The finalisation of the commercial arrangements and execution of a licence agreement were subject to, among other things, the completion of a series of technical evaluations. In respect of this we are pleased to report that the technical evaluations conducted to date on the test kits produced by our licensing partner using our technology have proved to be highly successful, with results superior to expectations.
These results have not only validated earlier results from pre-existing kits (developed by Select's joint venture partner, the Burnet Institute) but they have reinforced the broader view relating to the quality and value of our technology. As a result, our ability to provide a much-improved HEV lab test and an outstanding and unique rapid diagnostic test for HEV has been in large measure confirmed.
The final step in the evaluation of Select's technology as a precursor to gearing up for large-scale production of the test kits is now underway. This evaluation is also essential to satisfy regulatory agencies prior to sales occurring.
It is anticipated that our licensing partner will complete this final evaluation within the next six weeks, thereby enabling the commencement of sales of the new ELISA test and rapid test shortly thereafter. Whilst the Company acknowledges that there have been unfortunate delays in finalising the out-licensing arrangements in relation to our HEV diagnostic technology, these have been out of the Company's control.
Hepatitis A
Additional technical and commercial progress has been made in respect of the other current major item in the SLT hepatitis product suite – our Hepatitis A rapid diagnostic test.
The directors are pleased to advise that negotiations in respect of the commercialisation of the Hepatitis A rapid test have commenced. The company is confident that it will be able to conclude an attractive commercial arrangement with one or more participants in this area within the timeframe previously advised, namely around the middle of 2004, after independent evaluations of the test have been completed.
It remains the company's expectation that commercial arrangements will be in place for the initial hepatitis E and A diagnostic products, with revenue streams commencing, this year. This will provide increasing revenue to fund the further development of other projects currently being pursued by SLT.
Progress on the Company's Hepatitis C diagnostic test was recently reported and is continuing according to plan.
About Select Vaccines Limited
Select Vaccines listed on the ASX on 3 July 2003. It is in partnership with Melbourne's Burnet Institute to commercialise research outcomes in the areas of diagnosis, vaccination and therapy for infectious diseases caused by viruses.
The Burnet Institute, established in 1986, is Australia's leading research organisation in the field of infectious diseases caused by viruses and other agents.
Select has formed two project companies, Hepgenics Pty Ltd and Picoral Pty Ltd, to undertake different areas of research and development. Hepgenics is commercialising highly promising R&D projects in hepatitis diagnostics and vaccines developed by researchers at the Burnet Institute. Picoral's research interests cover the development of therapeutic products with actions against the picornavirus family, responsible for a range of illnesses that includes the common cold, meningitis and encephalitis. ENDS