News and Announcements
QBiotics FY16 Update: $16m Raised, New Appointments to Board, Preparation for Further Registrations
- Published July 13, 2016 2:50PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
The last 12 months has seen QBiotics strengthen both its board and balance sheet. Over the last 12 months, the company has raised $16m and will soon raise a further $10m, giving them a balance sheet of approx $30m. These funds will be used to further develop their two drug products EBC-46 (cancer) and WH-1 (wound healing).
The Board has also been strengthened with the following appointments:
- Rick Holiday Smith has been appointed as Chairman of QBiotics. Rick is currently the Chairman of the ASX (ASX:ASX) and Cochlear (ASX:COH)
- Dr Bruce Robinson has joined as a Non-Exec Director. Dr Robinson was Dean in the Faculty of Medicine at the University of Sydney and was Head of the Division of Medicine at the Royal North Shore Hospital
- Andrew Denver has also joined as a Non-Exec Director. He is a Director of Cochlear, Vaxxas Inc and SpeeDx Pty Ltd
QBiotics is also preparing for registration of EBC-46 for dogs by implementing the first part of its marketing strategy. In May this year CEO Dr Victoria Gordon did a presentation to specialist oncologists and general veterinary practitioners at the World Veterinary Cancer Congress in Brazil. They have also completed a major milestone in the Chemistry Manufacturing and Controls (CMC) program with the submission of the EBC-46 Common Technical Document (CTD) Phase 1 to the US FDA’s Centre for Veterinary Medicine (CVM). They has also recently commenced a Target Animal Safety Study (TASS) for the veterinary program after having obtained regulatory concurrence from the FDA-CVM.
ABOUT QBIOTICS LTD
QBiotics Limited is developing a pipeline of promising drugs in the area of cancer and wound healing. Its lead drug, EBC-46, targets solid tumours and is currently in late pre-clinical development in preparation for a Human Clinical Phase I/II trial with the USA’s FDA. EBC-46 is also in late stage development for the veterinary market through the USA’s FDA-CVM.