Money to go on drug trials

Auckland biotechnology company Neuren Pharmaceuticals plans to use A$6.4 million ($6.81 million) raised from a share placement for drug trial programmes.

The company - listed on the Australian Stock Exchange - said yesterday that it had sold 12 million fully paid ordinary shares at 53Ac. Neuren said the capital would principally be used to accelerate clinical trial programmes for Glypromate and NNZ-2566.

"We have received exceptional support from some of Australia's leading financial institutions and are pleased to have attracted new investors to our share register through this capital raising," said chief executive officer David Clarke.

The company is undertaking a safety trial of Glypromate among 30 patients undergoing heart surgery at four New Zealand hospitals and one in Australia.

More than 400,000 patients undergo coronary artery bypass graft surgery in the United States every year and up to 70 per cent show some loss of brain function at the time of discharge.

Neuren said Glypromate occurred naturally in a "normal" brain and, when injected intravenously, could protect brain tissue from injury.

- NZPA