Nov 6, 2012

Mining for coal to develop drugs? Avexa’s bold play

What's a pharmaceutical company to do when it needs $30-40 million to develop a new drug? Hitch onto the mining boom, of course. Avexa's strategy is nothing but bold.

For biotechnology companies, the path towards commercialising a drug is torturously long and extraordinarily expensive. And while drug company executives are typically blessed with patience, securing funding to get through the multiple rounds of drug development is no easy task.

Melbourne-based biotech Avexa is one of many companies facing an uphill battle to get the cash it needs to bring its developments to market. The company, which is developing a HIV drug called ATC, needs a conservative $30-40 million to take its drug through trials and towards commercialisation.

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