Eastland to secure $70m in funding

A subsidiary of Perth-based Eastland Medical Systems Ltd has moved to secure a €42 million ($A70 million) to complete the manufacturing plant for its anti malaria treatment in Germany.

A full announcement is pasted below:

Eastland Medical Systems Limited (Eastland®) associate company HC Berlin Pharma AG (HCBPAG), have advised that they are in the final stage of securing a funding package of €42.0 million to complete their manufacturing plant located at their recently acquired state of the art facilities in Potsdam Science Park Berlin
Germany.

HCBPAG's focus is on the production and distribution of three key health products.

These products are:

- ArTiMist™, the new sublingual anti malaria treatment primarily aimed at children;

- NiCoSorb™ a new sublingual anti smoking treatment; and

- Clip-On™ multi use safe needle aimed at combating the spread of Aids in health care workers.

HCBPAG will exclusively manufacture the products for Eastland's® distribution in the territories of Africa, Asia, India and Pacific Islands for their own network within Europe.

Marketing of these key health products will be undertaken by Eastland®, as the exclusive distributor, for the territories of Africa, Asia, India and Pacific Islands with HCBPAG supplying the European market.

ArTiMist™, which has completed phase one studies, is now in the final stages of entering field trials for approval to market, with NiCoSorb™ due to commence its clinical program in the third calendar quarter of 2008.

Mr. Dermot Patterson, who is presently in Germany, says "we are within days of announcing the projected listing day of HCBPAG on the Frankfurt Stock Exchange. Eastland® holds a significant shareholding in HCBPAG and the listing of these shares will enhance the investment value of Eastland's® portfolio."