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AUSTRALIA'S PEPLIN BIOTECH RAISES US$2.27 MLN IN SHARE PLACEMENT.

AsiaPulse News

| June 02, 2003 | COPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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 ...

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