Avantogen and Innovate complete merger of oncology program

Australia's Avantogen and USA-based Innovate Oncology have closed their previously-announced deal for combining their oncology businesses (Marketletter February 13), whereby the former transferred to the latter its 50% stake in Resistys. The transaction involved the issuance of 32 million shares in Innovate to Avantogen, which now owns 54% of the US listed company. In addition, the Australian firm contributed around $1.1 million to the US group, in cash. Innovate will now control 100% of the North American rights for product sales of RP 101, which the firm believes could be a promising chemoresistance inhibitor.