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Bone Medical Limited (BNE)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Bone Medical Limited
Bone Medical Ltd was originally incorporated as Bone Ltd in December 2002 in Jersey for the purpose of focusing on breakthrough treatments for bone and joint diseases and degeneration, in particular osteoporosis and arthritis.
Bone Ltd was formed by the shareholders of Proxima Concepts Limited (Proxima) and was granted exclusive worldwide licenses to the novel platform technologies of three Proxima subsidiaries for the field of musculoskeletal therapeutics. These technologies address the oral delivery of peptides and proteins, vaccination and the generation of mucosal immune responses in the gastro-intestinal tract via the oral drug delivery, and drug discovery.
Mr Glen Travers, an experienced biotech industry executive and investor, and Dr Roger New formed Proxima in 2000 to develop important platform technologies for the biopharmaceutical industry. Mr Travers and Dr New started by investigating new and novel methods of improving and discovering pharmaceutical products, out of which several Bone related projects arose. These projects have formed the core of Bone's development program to date.
In January 2004 Bone received additional funding from seed investors who injected $1,000,000 to fund working capital and the development of Bone.
Bone Medical Limited
In 2004, Revenir Ltd, an Australian Stock Exchange (ASX) listed non-trading entity, acquired Bone in a reverse merger and the name of the new Company changed to Bone Medical Ltd. Concurrently, the Company completed a new capital raise and was subsequently re-instated on the ASX code "BNE".
In 2011, Bone hired a US-based CEO as part of its strategy to build a presence in the world's largest life science industry and capital market as a basis for advancing its programs and future corporate development.
In January 2014 Bone Medical Ltd successfully completed a capital raising of $3,821,500 million through the placement of 9,553,750,000 shares at $0.0004 per share. The proceeds from the Placement are being applied towards advancing the Company's product pipeline, seeking new strategic growth opportunities, rebuilding market value and general working capital purposes.
As part of the capital raising activities, the Company undertook a board restructure. Mr Robert Towner was appointed as the Non-Executive Chairman and Mr John Hannaford a Non-Executive Director of Bone's Board of Directors. Mr Leon Ivory and Professor Peter Brookes resigned from the Board.
Proxima Laboratory and Research Services Limited (PLRS)
As part of its exclusive license to Proxima technologies in the fields of human musculoskeletal disease, Bone has contracted for laboratory-based research and development with PLRS, which operates under the direction of Dr Roger New. This arrangement reflects Dr New's role as original inventor of Bone's licensed technologies. The laboratories of PLRS are based in London (United Kingdom).
Bone has exclusive license rights to four core technologies from Proxima Concepts Limited for musculoskeletal diseases. These are based on an extensive intellectual property portfolio covering:
- The Axcess oral peptide drug delivery system;
- The Mozaic and Lexcicon drug discovery systems; and
- The Vaxcine oral vaccination/tolerisation systems.
This patent portfolio includes multiple claim families, many of which have already obtained patent grants in markets like the US, EU, Japan, Australia, New Zealand, Russia, China, and Korea.
Bone has a portfolio of biopharmaceutical development projects at various stages of development for the treatment of bone and joint disease that capitalize on its licensed oral peptide formulation and novel peptide discovery platform technologies.
CaPTHymone™ Oral Parathyroid Hormone BN003
- Injectable PTH is a major treatment alternative for Osteoporosis that despite being limited by the lack of a convenient oral form that can be taken by mouth achieved $1 billion in global sales in 2011
- Bone's clinical studies to date suggest that CaPTHymone™ could become an effective oral alternative to injectable PTH
CaPTHymone™ could follow an efficient, low-cost, low-risk regulatory pathway to the marketplace since it uses a marketed, well-characterized drug
Capsitonin™ Oral Calcitonin
- Calcitonin has a long history as a safe and effective osteoporosis treatment but its utility has been limited by lack of an oral dosage form
- Calcitonin has a documented analgesic effect and has been shown to relieve arthritis pain in clinical studies, suggesting a major opportunity for an oral calcitonin as a safer, better-tolerated alternative to non-steroidal anti-inflammatories, which are the drugs of choice but have significant toxicity and drug interaction problems for use in a chronic condition for a largely older patient population like arthritis
- Bone's clinical studies demonstrate a level of biological activity similar to the market-standard nasal calcitonin
- Capsitonin™ has an approved IND for osteoporosis in the US and should follow an efficient "505(b)2" regulatory pathway to approval, since the active drug is known and on the market
TNF Regulators BN006
- Sales of the three leading anti-TNF products approached $25 billion in 2011, yet the entire class is limited by immunosuppressive side effects and the lack of an orally delivered formulation
- BN006 utilizes Bone's novel peptide discovery technology; it incorporates a selective downregulation of TNF, that has the promise of reducing immunosuppressive side effects, together with downregulation of IL-6, a target of many next-generation drugs in the industry pipeline
- BN006 may also have the potential for oral administration
Bone Cell Regulators BN005 & BN008
- The current leading class of marketed drugs for osteoporosis are bisphosphonates, but they face limitations in the long-term treatment setting that management of osteoporosis requires, including possible side-effects such as jaw necrosis, long-bone shear fracture and esophageal cancer
- BN005 and BN008 are research-stage compounds derived from the novel peptide discovery Mozaic technology and modulate the two different types of cells that control the production and turnover of bone
Bone Medical Limited
16 Ord Street
West Perth, WA
+61 8 9482 0580
The General Overview, Services, Products and Projects information for this profile was last edited on 10 Jun 2015.