1. Most Discussed
  2. Gainers & Losers
AVT 0.0¢

A positive announcement....

  1. howler

    280 posts.
    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

DISCLAIMER:
Before making any financial decisions based on what you read, always consult an advisor or expert.

The HotCopper website is operated by Report Card Pty Ltd. Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, you should before acting on the information or advice, consider the appropriateness of the information or advice in relation to your objectives, financial situation or needs. Please be aware that any information posted on this site should not be considered to be financial product advice.

From time to time comments aimed at manipulating other investors may appear on these forums. Posters may post overly optimistic or pessimistic comments on particular stocks, in an attempt to influence other investors. It is not possible for management to moderate all posts so some misleading and inaccurate posts may still appear on these forums. If you do have serious concerns with a post or posts you should report a Terms of Use Violation (TOU) on the link above. Unless specifically stated persons posting on this site are NOT investment advisors and do NOT hold the necessary licence, or have any formal training, to give investment advice.

Top