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BRISBANE, June 2 Asia Pulse - Shares in Peplin Biotech Ltd (ASX:PEP) have jumped more than five per cent after the company raised A$3.5 million (US$2.27 million) in a share placement to accelerate its anti-cancer drug research candidate.
Peplin shares are up four cent or 5.4 per cent to 78 cents at 1053 AEST.
The Brisbane-based biotech also said its lucrative deal with an international pharmaceutical company to develop its topical anti-skin cancer drug was on-time and on-budget.
The licensing partnership with Californian-based Allergan Inc was potentially worth more than A$40 million (US$25.95 million) within five years, plus royalties.
Under the terms of the agreement, Allergan has an exclusive licence to develop and commercialise Peplin's leading anti-cancer compound, PEP005, for the treatment of skin and eye conditions in North and South America.
Peplin Biotech chairman Cherrell Hirst said it had been a busy six months for the company, after signing the first ever licence of an Australian anti-cancer drug with ...