As Sen. Brownback continues to add one word amendments to the stem cell
research bill, in order to block NIH funded stem cell research, it is
hopeful to hear that in our global community, private industry and
academic institutions are continuing to move the research forward.
AAP NEWSFEED
September 28, 2000, Thursday
SECTION: Nationwide General News; Finance Wire
LENGTH: 573 words
HEADLINE: BresaGen in $15.3m share placement, for Parkinson's work
BODY:
BresaGen
ASX Codes: BGN
MELBOURNE, Sept 28 AAP - Biotech company BresaGen Ltd said today
the $15.3 million it had raised through the placement of 10 million
shares would be used in its bid to develop a cure for Parkinson's
disease.
Intersuisse Ltd arranged the private placement of shares at
$1.53 each to institutions and professional investors.
"The primary purpose of the funds from the placement will be
to
realise the benefits of the CytoGenesis Inc acquisition," BresaGen
said in a statement.
BresaGen last month announced it would acquire the US-based
company, specialising in stem cell and imaging technology, central
to BresaGen's work on Parkinson's.
"A core part of BresaGen's intellectual property is stem cell
therapy and the acquisition of CytoGenesis will likely advance our
stem cell program by about two years," said Dr John Smeaton,
managing director of BresaGen.
"One of our most important applications for stem cell therapy
will be to develop a treatment for Parkinson's Disease."
BresaGen announced last month that it is acquiring human stem
cells from the University of Wisconsin. These cells will be used at
the University of Adelaide for research purposes by Professor Peter
Rathjen.
"With the expertise of CytoGenesis we are now closer to
isolating our own human stem cells and finding a cure for
Parkinson's," said Dr Smeaton.
"The next step is to establish an animal model of Parkinson's
Disease which should lead to clinical testing of human cells."
Overseeing this vital next step will be Dr Curt Freed, the
leading physician treating Parkinson's Disease with cell therapy
approaches in the US.
The successful isolation of human stem cells and the
development
of catheters, software and imaging technology will enable the
delivery of cells to Parkinson's patients in a precise and
repeatable way.
The research would be conducted at a number of North American
institutions including Stanford University, University of Georgia,
PAGE 2
AAP NEWSFEED September 28, 2000, Thursday
University of Minnesota and University of Toronto, where
CytoGenesis has research agreements.
"The combined companies are positioned to become an industry
leader worldwide. The initial goal of treating Parkinson's Disease
will necessarily involve techniques for producing new cellular
implants and precisely delivering them to the patient. We now have
all the skills required," Dr Smeaton said.
Cell therapy is the use of healthy cells to replace diseased,
non-functional cells.
The therapy could change the basis of medicine with direct
applications for the treatment of Parkinson's disease, stroke and
other neurodegenerative diseases.
The incidence of Parkinson's disease is increasing with the
aging of the population and current therapies offer no long-term
treatment for the disease.
The market for an effective new treatment of Parkinson's
Disease
has been estimated to be over $ US1 billion ($ A1.87 billion) per
year.
The placement and acquisition of CytoGenesis Inc are subject
to
shareholder approval at a BresaGen general meeting in Adelaide on
November 9.
Bresagen shares closed down four cents to $1.56.
LANGUAGE: ENGLISH
LOAD-DATE: September 28, 2000
