Australian biotech spinoff to develop drugs

The Australian diagnostics company HealthLinx is spinning off two therapies in clinical development into a new company--Proaegis Biosciences--which will hit the road in search of $4 million in fresh funding. HealthLinx will spin off CR014 for Acute Respiratory Distress Syndrome and Follistatin for ulcerative colitis.

"Expressions of interest for the remaining $4 million have already been received, and it is anticipated that the balance of the funds will be secured from sophisticated investors by early 2008," says HealthLinx managing director Nick Gatsios.

- see this release for more
- here's the report from The Age