Western Australian pharmaceutical player Pharmanet has sent off an explanatory letter to the Australian Stock Exchange after the ASX questioned some points about the company’s product raised in The Australian.
The newspaper article was triggered by Pharmanet’s announcement on July 13 of its new discovery Tripeptofen that it claimed was "a previously undiscovered pain-killing compound".
Pharmanet’s shareprice rose six-fold following the announcement to nearly 12 cents.
In The Australian article the company says it had conducted "feedback" trials on the compound
The ASX missive demanded to know several things including:
- When the company became aware of Tripeptofen?
- Had the company commenced clinical trials on the compound Tripeptofen and, if so, when did these trials commence?
- What is meant by the term "Feedback Trial" referred to in the article?
In its response the company said it had become aware of the possibility of an active analgesic property within its Thermalife product on June 1.
It said the company had not commenced formal clinical trials on Tripeptofen as a separate ingredient to its currently approved Thermalife product.
"However, anecdotal studies, using the approved and registered Thermalife product commenced in the area of acute and chronic musculoskeletal pain on or about late June 2004," its answer says.
On the point of Feedback Trial its answer is: "The term ‘Feedback’ trial relates to the anecdotal clinical efficacy study referred to above and was an essential investigative process used to confirm the presence of an analgesic property".
The company’s shares are currently trading around 10 cents.