Biotech heads to Europe
By Clay Lucas
March 31, 2005
Epitan, a Melbourne biotech company developing a tanning drug through a slow-release injected implant, will try to raise $37 million by listing in Britain.
It needs the money to finalise testing of the tanning drug, called Melanotan, which stimulates production of melanin in the body.
"Melanin gives you your dark pigment," said EpiTan managing director Iain Kirkwood. It helped prevent sunburn and helped people tan, he said.
EpiTan's Melanotan drug doubled the body's ability to produce melanin, Mr Kirkwood said.
"As result of that increase, we've proven we can reduce sunburn injury by up to 50 per cent."
EpiTan would float in Europe because it believed the market for the drug would be largest in Europe and North America, where long winters meant people were susceptible to sun damage when they did get into the sun, or tanning salons.
"People are heading to tanning salons to get tans, but the World Health Organisation is now saying that people with fair skin should avoid using these salons. All you're doing there is exposing yourself to an enormous burst of radiation."
EpiTan said it would list its shares on the Alternative Investment Market of the London Stock Exchange. The company aims to raise about $37 million.
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