the media publicity begins

From the ABC website:

'All-Australian' obesity drug set for final testing
An Australian-developed obesity drug is set to undergo final human trials next year.

Melbourne-based biotechnology company Metabolic Pharmaceuticals says it has successfully completed a Phase 2b human trial on a drug which stimulates the metabolism of body fat.

The firm has released the results of the trial in a statement to the Australian Stock Exchange.

Metabolic says it is a world first because all other obesity drugs aim to reduce appetite or food absorption.

The principal investigator, Gary Wittert, says the drug, known as AOD9604, could fill a niche in the market.

"AOD9604 could occupy a unique position in the options available to doctors for the management of obesity," Professor Wittert said.

"It is important to emphasise that from the outset of the invention and its development from the laboratory bench, this has been an all Australian effort."

Metabolic Pharmaceuticals chief executive Chris Belyea says AOD9604 has fewer side effects than other weight loss drugs on the market.

"In this trial it delivered competitive weight loss with better tolerability, along with with positive health benefits and encouraging indications for longer-term dosing," Mr Belyea said.

Metabolic Pharmaceuticals hopes to form a partnership with a major pharmaceutical company for the worldwide phase 3 trial of the drug in late 2005.

Trade in Metabolic Pharmaceuticals shares had been halted on the Australian Stock Exchange since last Thursday pending the announcement.