PharmAust Ltd’s wholly owned subsidiary Epichem Pty Ltd has secured its largest single contract to date, a $3 million agreement with Swiss-based Drugs for Neglected Diseases initiative.
PharmAust Ltd’s wholly owned subsidiary Epichem Pty Ltd has secured its largest single contract to date, a $3 million agreement with Swiss-based Drugs for Neglected Diseases initiative.
The three-year contract will see Epichem provide the synthetic and medicinal chemistry component for DNDi's recently established consortium to discover and develop new drugs for the treatment of Chagas disease.
Chargas is a tropical parasitic disease which occurs mainly in South America.
The latest contract is in addition to the collaboration with Murdoch University to find a cure for a closely related disease, African Sleeping Sickness.
Below is the full announcement:
PharmAust (ASX:PAA) is pleased to announce that it's wholly owned subsidiary, Epichem Pty Ltd, has signed a significant new contract with Swiss-based Drugs for Neglected Diseases initiative (DNDi).
The contract, worth close to $3 million over three years, will see Epichem provide the synthetic and medicinal chemistry component for DNDi's recently established consortium to discover and develop new drugs for the treatment of Chagas disease. Epichem has a strong commitment to neglected diseases and has been working in collaboration with parasitologists at Murdoch University for several years to find a cure for a closely related disease, African Sleeping Sickness.
Endemic in 21 countries in Central and South America, from Mexico to Chile, Chagas disease threatens 25 percent of the population living in the region and kills 50,000 patients every year. This parasitic disease is estimated to currently afflict eight million people, including in Australia where estimates in 2005-2006 indicate that 16 of every 1000 Latin American immigrants (16 per 1000) carry the parasite in their blood.
“This is further evidence that Epichem is successfully competing in the global market for major projects,” said Epichem's Managing Director, Dr Wayne Best.
Epichem continues to expand its client base and has now exported products and services to clients in the USA, Canada, Mexico, Puerto Rico, Columbia, Brazil, South Africa, India, The Netherlands, France, and Switzerland. In addition, Epichem has recently received its first order from a client in Japan.
Two additional chemists have been employed in the last two months and laboratory facilities are set to expand to cope with the increased demand.
Epichem is focused on generating a profit for shareholders through its fee-for-service contract work, whilst continuing to generate potentially valuable intellectual property through its in-house and collaborative research projects.
