Listed pharmaceutical company Echo Technologies will launch a prospectus to raise $5.5 million next week ahead of changing its name to PharmAust Limited.
According to Echo managing director Bryant McLarty, the company will formally change its name next month.
Echo was formerly a software development company that was used to purchase drug developer Epichem, which opened a $500,000 state-of-the-art facility at Murdoch University in February.
PharmAust will own Epichem and a new entity PharmAust Manufacturing.
Echo currently owns 80 per cent of Epichem and will buy out the remaining 20 per cent share currently owned by scientists.
Mr McLarty said the capital raising would fund the buyout of Ramprie Laboratories.
The news follows a recent agreement reached with Malaysia’s Xepa Soul Patterson to release patent expired drugs to the local market.