MBP had a wild run on 5/7/04 from low of 1 to 1.65, with following announcement:
Increasing awareness in US markets in
preparation for 2005.
Yesterday we announced the issuance of a research report from a US-based research
group. The early issuance of the report on the US company&#8217;s website came as a surprise
to us and in the circumstances we felt it was appropriate to alert the market to its
existence and provide access to the report. The opinions expressed in the research report
This research report forms part of a strategy to increase awareness in the US markets in
preparation for substantially increased interest in our company if the clinical trial on
AOD9604 is successful. We believe increased US awareness will help us gain maximum
value from positive results and provide us with a strong position to negotiate with
international pharmaceutical companies. Our recent trip to New York, where we
presented to US biotech investors, met with much enthusiasm.
In addition to interacting with firms providing analyst reports on the Company, we are
also working with a New York based technology investment firm and other consultants
who have introduced the company to excellent US contacts, potential investors and
investment banks. Remuneration is in the form of cost reimbursement and the unquoted
MBPAU options granted for investment banking and research publication services
announced in March 2004, having an exercise price of $1.25.
Preparations are currently under way to place the formal documents in order for a
potential NASDAQ listing in 2005 on positive results.
As outlined in our June shareholder update, the Phase 2b trial on AOD9604 is being
conducted in 300 obese adults at five Australian clinical trial sites. Results are still on
schedule to be known and released in November.
Metabolic Pharmaceuticals Limited is a biotechnology company based in Melbourne,
Australia, and listed on the Australian Stock Exchange (ASX: MBP). The Company&#8217;s
mission is to develop a pipeline of new pharmaceuticals for world markets, and currently
has programs aimed at treating obesity (AOD9604 in Phase 2b human
trials),neuropathic pain (ACV1 in preclinical toxicology), and type 2 diabetes. Further
details are available at www.metabolic.com.au.
Ph +61 3 9860 5700
Chris Belyea CEO firstname.lastname@example.org
David Kenley VP Corporate Development email@example.com
Since then it fell equally sharply till taday's close of 1.14. Interesterly, it opened lower taday at 1.13,high 1.19, producing a reversal signal-reverted hammer. She'll have chance to go higher if Monday can confirm the reversal.