ECHO Technologies has received a major boost to its Epichem collaborative antiparasitic drug discovery project with its lead compound passing a key test.
The bacterial reverse mutation test is a key indicator of a compound’s genotoxicity and is a critical step in the development of any new drug candidate.
Epichem managing director Wayne Best said the project had produced a number of compounds that had shown excellent activity against a number of animal and human parasitic diseases, some of which do not have a cure.
Epichem is collaborating with Professor Andrew Thompson, a world leader in the field of parasitology, who heads both Murdoch University’s Department of Parasitology and the Centre for Biomolecular Control of Disease.
The project, funded by the Australian Research Council and GlaxoSmithKline, has attracted interest from the World Health Organisation.
Echo Technologies is to be renamed PharmAust. It has lodged a prospectus to raise $5.5 million by issuing 27.5 million shares at 20 cents each.