Chief Executive's AGM Address to Shareholders
AVT HOLDINGS LIMITED 2002-06-28 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++
The following address is given by the Chief Executive of AVT Holdings
Limited at the Company's Annual General Meeting on Friday 28 June
2002 at 9:00 am.
"The Company is pleased to announce it has reached agreement with
Beijing Xing-Da Scientific System Corporation in Beijing PRC for AVT
to be granted exclusive marketing, manufacturing and distribution
rights for a new Anti-Cancer drug Dicycloplatin (DCP) in the
following territories:
* Australia
* New Zealand
* Indonesia
DCP has a distinct structure which differentiates it from other
platinum complexes such as Cisplatin, Carboplatin and Oxaliplatin.
DCP is a diaminoplatinum complex with two carboxy groups. This
chemical constitution lets DCP have the stronger antitumor activity
with the mild Toxicity and side effects.
Beijing Xing-Da is a PRC joint venture company where the shareholders
are Professor Xujing Yang and Professor Xhenyu-Yang of the Beijing
University and the Shenzhen Neptunus Group, a major pharmaceutical
group in Shenzhen with the following credentials.
* Established in 1999 in Shenzhen, China
* Publicly traded in China since 1998
* Top 50 leading listed companies in China
* Total assets over US$600 million
* National Technology Centre
* 2 GMP industry bases producing 80 products
* Sales network covers all China
Research work including animal studies and clinical trial on DCP has
been undertaken by the two Professors over the past 10 years and
Professor Zongzhen Guang the Director of Clinical Evaluation of New
Anti-Cancer drugs of China, has reported the following
characteristics on DCP:
* Toxicity manageable, no serious side effects reported even after
5-6 weeks of treatment, Hematological disorder slowly recoverable
* Significant results were obtained on several late stage liver
cancer patients
* Recommended for starting formal clinical trials
The application by Beijing Xing-Da to commence Phase 1 Clinical
trials lodged with the State Drug Administration (SDA) has been
officially accepted and the applicant is hopeful of commencing phase
I/II clinical trials in the next 90 days.
AVT's responsibility will be to seek approval from the Therapeutic
Goods Administration (TGA) for validity of the trials and to conduct
any necessary trials in Australia.
AVT will be convening an EGM as soon as possible to seekshareholder
approval of this project.
This project is a further investment in anti-cancer research and
development and the Company already has an equity/royalty interest in
AVAX Australia Pty Ltd a company with the commercialization rights to
the AVAX vaccines. More details on this existing project are on the
company's website www.avtholdingslimited.com.au and that of AVAX
Australia Pty Ltd www.avax.com.au
In addition AVT sponsors the Institute of Cancer Research at Beijing
University.
AVT is also pleased to advise it has reached an agreement with
Shenzhen Neptunus Group for a right of first refusal to marketing,
manufacturing and distribution rights to a range of existing products
of that Group for Australia and New Zealand.
Existing products which are currently produced and marketed by
Shenzhen Neptunus in the PRC include Anti-Cancer Products such as
Cisplatin, Carboplain and Oxaliplatin.
In addition they have under research and development status in the
PRC several other products including DCP.
The alliance with such a significant commercial enterprise such as
the Shenzhen Neptunus Group will greatly assist AVT in achieving a
significant revenue base in a range of pharmaceutical products for
sale in Australia and New Zealand.
AVT PLASMA PTY LTD
AVT has completed Due Diligence on the Shaoguan plant and because of
significant liabilities attached to it this acquisition will not
proceed. Significant liabilities have included staff welfare and
retirement costs and ongoing contributions to save funds for retained
employees.
The Joint Venture with CITIC is still on foot and another acquisition
is being sought. As previously reported, one of AVT's
responsibilities is to bring to the Joint Venture new technologies
for blood production. The Company continues to have difficulty in
securing agreements with two Notch American Groups. The Company
remains hopeful these agreements can be secured.
The Company has also in discussion with Chendgu Biological Products
Institute in respect to a Joint Venture fractionation which may be
able to commence without the need for the North American groups.
These discussions will continue.
AVAX AUSTRALIA PTY LTD
As reported during the year the Company was successful in
restructuring the Company's Joint Venture interest in AVAX to obtain
a royalty interest in return for a reduction in shareholding from 50%
to 5% and the return on $1.8m to this Company.
AVAX Australia's operations in Australia have been damaged by the
FDA's intervention in the Joint Venture partner's clinical trial
programme in the United States. Whilst the Australian operations are
not affected in a regulatory sense, marketing efforts are
progressively harder. AVAX Australia Pty Ltd has filed its MSAC
application with the Federal Government and a decision is expected
later this year.
AVT no longer has any management or Board role but is kept informed
of progress and looks forward to financial benefit, principally by
way of royalty in the future.
In conclusion the main focus of the Company in the next 3 months will
be the participation in the Dicyloplatin Project and the Company
looks forward to reporting on this progress."
R Hill
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