http://www.theaustralian.com.au/business/opinion/resourceful-julia-gillard-offers-truce-to-miners-over-tax/story-e6frg9if-1225884004109
Avexa (AVX) 3c
CHASING the numbers hasn't been confined to Laborites in Canberra: the Avexa board has been canvassing support ahead of a board tilt on Tuesday week from parties keen to see the company pursue its HIV drug strategy.
Avexa this month ditched its advanced-stage drug apricitabine (ATC) after failing to find a commercialisation partner. According to dissidents Bruce Hewett and Steven Crowley, there are "relatively inexpensive" ways of furthering ATC.
Led by chairman Nathan Drona, the incumbents argue they exhausted all commercialisation options. They're either going to find another project to employ Avexa's cash reserves, or hand some or all of it back to shareholders. According to Avexa director Uri Ratner, the nature of AIDS-HIV has changed since HIV drugs were first developed. "It was a deadly disease and now it's a chronic disease," he says. "The truth is the profile of ATC is not as strong as it was looking a few years ago."
Criterion had Avexa as an avoid at 3c on June 2. With fat-fighting drug hopeful Calada notching up its stake on the register, perhaps a speculative buy is more in order.
The challengers have the moral support of the AIDS Treatment Activists Coalition, which has pleaded with Avexa to further the drug.
Unfortunately for the dissidents, the Coalition doesn't have a vote in Tuesday week's spill.
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