Dia-B Tech to raise capital to fund phase 1 human trials of diabetes drug ISF402

By Elaine Rigoli

Tampa, Fla., Sept. 1 - Dia-B Tech Ltd. said Friday that it will start a phase 1 clinical human trial of its ISF402 anti-diabetes compound in November, for an estimated cost of A$2.5 million.

The company said recently conducted animal trials proved that the compound is non toxic.

In an effort to raise capital to fund this trial, a placement of up to 14,385,896 ordinary shares at A$0.05 per share with a free attaching option exercisable atA$0.20 on or before Dec. 31, 2010 will be issued to the subscribers of this placement. The option will be subject to shareholder approval.

The proposed placement will raise up to A$719,294. The shares and options to be issued will rank pari passu with the existing issued capital. The funds will be required for working capital and to accelerate the commencement of the clinical human trial process.

The Victoria, Australia-based drug-discovery company said the phase 1 trial will comprise a single dose, with a likely dosing of between 2 mg and 30 mg per kg of body weight. This compares to the recently completed rat trials, which used much higher doses of 550 mg/kg.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.