New Listed Drug Developer Bioxyne Positioned for Growth
Probiomics Limited has confirmed its name change to Bioxyne following its successful reverse takeover by Hunter Immunology last week.
Managing Director and Chief Executive Officer, David Radford, said the name change signalled a step towards positioning the business for future growth in Australia and internationally with a strong corporate identity.
“Our firm focus is to create shareholder value by commercializing our promising new therapy aimed at the major global medical market for chronic obstructive pulmonary disease (COPD) which includes emphysema and bronchitis. The name change comes at a time when our focus is moving away from research and development to actively seeking to commercialize our first therapeutic asset currently known as HI-164OV,” he said.
Mr Radford confirmed Bioxyne was on track for the planned mid-year release of data from a 320 patient clinical trial of HI-164OV.
“A positive result mid-year that demonstrates efficacy in patients with COPD will position our company as a potential partner or acquisition target for a number of multinational pharmaceutical companies seeking to expand their portfolios in respiratory therapy markets,” Mr Radford said.
Mr Radford said there was no cure for COPD, but reducing hospital admissions was crucial and preventing exacerbations was the main focus of therapy worldwide.
“A reduction of just 10 per cent in the number of patients readmitted to hospital for treatment would be considered a successful result and would have a meaningful impact on the cost of healthcare worldwide to treat COPD, which is currently estimated to cost the US healthcare system US$29 billion every year in direct costs. Any therapy that can help reduce these healthcare costs is likely to be highly attractive to global pharmaceutical companies,” Mr Radford said.
A small Phase IIa study in severe COPD patients showed the HI-164OV therapy decreased hospitalization rates whilst reducing the use of steroids, antibiotics and bronchodilators.
The small data set showed there were also large reductions in the use of corticosteroids and antibiotics for treating exacerbations.
The protocol of the current Phase IIb study is designed to build on data provided from the Phase IIa study and to provide statistical validation of previous results, subject to successful outcomes.