 |
| Cashed up and ready to go full steam ahead |
2007 is set to be an exciting year as Apollo is well funded to crank up the pace with a boost from private investors. The company has already raised $13.5 million and is offering shareholders the opportunity to participate in a Share Purchase Plan (SPP) on the same terms as the recent placement. This would take the total to $15 million.
Details of the SPP offer will be sent to everyone who is a shareholder at 14 March. The offer will stay open until 4 April.
The capital raised will be channelled into accelerating progress with oral insulin for diabetes and an oral and topical TNF blocker for arthritis. It will also provide working capital to build on the solid progress that Apollo has made in the last year.
Apollo’s Executive Chairman John Priest is confident in the company’s current standing, “Apollo is in a strong position with growing support from private investors. It’s also reassuring to know that all of Apollo’s board members have privately invested in the company, which is a great sign of confidence.”
“The year going forward will see us expanding on several fronts, with new developments in our three platforms of human proteins and oral and transdermal delivery systems,” he said.
“Apollo’s lead product, which is entering the early clinical trial phases, is oral insulin. The company is very excited by this prospect. A successful trial with oral insulin will underline the company’s technology and its potential for other applications.”
“We’re excited because oral insulin positions us well in an $18 billion a year market. In addition it validates the company’s potential for other oral, needle-free applications. Already this year we have moved successfully through toxicology trials for this product. We are developing relationships with a number of big pharmaceutical companies that are watching our progress in this area with keen interest,” commented Mr Priest.
“The recent good preclinical results for an oral TNF blocker for arthritis give further validation of the platform and strengthen the position of our oral delivery technology even further.” |
|
|
| click to subscribe |
|
 |
| www.apollolifescience.com |
