Alliances give boost to Australian biotechs

Published: 1-May-2003


Agreements with larger overseas companies have boosted the prospects for two Australian biotech groups. Melbourne-based Prana Biotechnology will receive up to A$7.5m (€4.2m) from Schering to develop new diagnostic and therapeutic drugs. According to ceo Dr Ross Murdoch, the work will complement Prana's main intellectual asset, the Metal Protein Attenuating Compound (MPAC). 'This collaboration will expand Prana's project area, bringing significant additional funding and scientific expertise into the company's laboratories,' he stated.

Meanwhile, Prima BioMed, is to work with US group Medarex to co-develop an anti-cancer treatment based on super proteins, which are stronger than the human body's immune system, and able to attack cancer cells.

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