Demerger clears the path for therapeutic company capital raising
Sydney, Australia, 25 September 2018: Minomic International Ltd is pleased to announce it received strong shareholder approval to approve the demerger of its therapeutic subsidiary, GlyTherix Ltd, at a recent extraordinary general meeting.
The demerger follows deep consultation with the investment community and potential license partners in Australia and the USA. Following this consultation, Minomic’s board and management determined that these parties view the diagnostic and therapeutic activities as separate and distinct businesses wishing to invest in either one but generally not wishing to invest in both.
Minomic’s Board formed the view that separation of the Company’s diagnostic and therapeutic businesses would assist the near-term
Minomic’s CEO, Dr Brad Walsh commented “Completing the demerger is an important step in clearing the way to maximise the value of both the company’s therapeutic and diagnostic assets ensuring that we provide the best possible return for all our stakeholders.” “The support received from our shareholders confirmed this was the right strategy” he added.
Brad Walsh, Ph.D.
Chief Executive Officer
Minomic International Ltd is an Australian diagnostic company
GlyTherix Ltd is an Australian immuno-oncology company specializing in therapeutics for solid tumors, including prostate, bladder
The company has a strong proprietary and Intellectual Property position covering both Miltuximab®, its anti-GPC-1 antibody and the antigen itself, GPC-1. This provides robust and long-term protection for the commercialization of important new treatments to people with little hope of