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HTX Spins Off New Company (Australia)

This article was originally published in PharmAsia News

Executive Summary

Australian diagnostics company, HealthLinx, is in the process of setting up a new subsidiary focused on drug research and development. The subsidiary, called Proaegis Biosciences, is designed to further treatments for acute respiratory distress syndrome and ulcerative colitis. Already HealthLinx has in-licensed patents for drugs to treat each condition to Proaegis. The treatments, CR014 and Follistatin, are expected to enter Phase I clinical trials soon. HealthLinx plans to retain a 36 percent interest in the new company. In the meantime, the company has already raised $1 million of the $5 million it is hoping to retain through initial investors. (Click here for more

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