SYDNEY--(BUSINESS WIRE)--Minomic International Ltd is pleased to announce it received strong shareholder approval to approve the demerger of its therapeutic subsidiary, GlyTherix Ltd, at a recent extraordinary general meeting.
The demerger follows deep consultation with the investment community and potential license partners in both Australia and the USA. Following this consultation Minomic’s board and management determined that these parties view the diagnostic and therapeutic activities as separate and distinct businesses, wishing to invest in either one but generally not wishing to invest in both.
Minomic’s Board formed the view that separation of the Company’s diagnostic and therapeutic businesses would assist the near-term commercialisation of the MiCheck® test via a licencing deal. Additionally, the demerger will facilitate fundraising for the next steps for the therapeutics business, including a full Phase 1 trial of Miltuximab®.
Minomic’s CEO, Dr Brad Walsh commented “Completing the demerger is an important step in clearing the way to maximise the value of both the company’s therapeutic and diagnostic assets ensuring that we provide the best possible return for all our stakeholders.” “The support received from our shareholders confirmed this was the right strategy” he added.
About Minomic
Minomic International Ltd is an Australian diagnostic company specialising in development of diagnostics for solid tumors, including prostate, bladder and pancreas. Minomic has developed the in vitro diagnostic MiCheck® test for the early detection of prostate cancer.
About GlyTherix
GlyTherix Ltd is an Australian immuno-oncology company specializing in therapeutics for solid tumors, including prostate, bladder and pancreas. GlyTherix is developing Miltuximab® for the targeted treatment of a number of cancers. At the core of the technology is a protein known as Glypican-1 (GPC-1) occurs in many solid tumors such as prostate, bladder, pancreatic, glioblastoma, esophageal, ovarian and brain cancers. It is not present in healthy tissue.
The company has a strong proprietary and Intellectual Property position covering both Miltuximab®, its anti-GPC-1 antibody and the antigen itself, GPC-1. This provides robust and long-term protection for the commercialisation of important new treatments to people with little hope of cure. GlyTherix has now completed a ‘First-in-Human’ trial of 12 patients using Miltuximab® with no drug-related adverse events observed. GlyTherix is interested in partnerships or collaborations with larger pharmaceutical partners.
