Axis Achieves L5 Million Private Placing
In what is the first biotechnology cash-raising since specialist drug group Cambrio failed to float in July (Marketletters passim), UK company Axis Genetics Ltd has made a L5 million ($7.8 million) private placing through Hoare Govett Corporate Finance; Axis originally announced its plan to raise this funding in June 1995.
The company will use the cash to bring on its novel product pipeline, which includes work on a malaria vaccine for humans, a mastitis vaccine to protect cattle and therapeutic proteins such as human gastric lipase to treat cystic fibrosis.
"Strategic alliances with several major pharmaceutical companies, keen to unlock the potential of their own proprietary peptides by harnessing the novel patented platform technology perfected by Axis," the firm said, "are also well advanced."
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