SYDNEY Australia, 30 March 2012: Private drug developer Hunter Immunology Limited has announced that it has completed its merger with ASX-listed company Probiomics Limited (ASX: PCC). The merged entity is due to relist on the Australian Securities Exchange (ASX) on Wednesday 4 April 2012.
The business will trade as Probiomics (ASX: PCC) and be renamed as Bioxyne (ASX: BXN) in coming weeks. On the first day of relisting it will have an estimated market cap of AU$33 million with 149.9 million shares. In the lead up to the merger and relisting, Probiomics raised $2.4 million at $0.22 cents following a 1:20 share consolidation. The cash raised will provide funds to complete the Phase IIb trial and engage in negotiations with potential partners.
The Company’s core asset is a new drug in development to treat chronic obstructive pulmonary disease (COPD). A Phase II b clinical trial of the drug in COPD sufferers will be released mid 2012. A Phase IIa study showed it prevented hospitalisation rates by 90 per cent. For further information please contact:
At the Company
Chief Executive Officer
Tel: : +61 (0) 407-218-922
Sue Charles – (UK) +44 (0)7968 726585 (AUS) +61 (0)466 924218
Gemma Howe – (UK) +44 (0)20 7866 7860
City Public Relations
Tim Allerton or Andrew Geddes (AUS) +(02) 9267 4511