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Market:	ASX
Sector:	Pharma & Biotech
EPIC:	CBZ
Latest Price:	0.09 (4.49% )
52-week High:	0.77
52-week Low:	0.06
Market Cap:	14.58M

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CBio Limited

CBio (ASX: CBZ) is focused on developing new generation products for the treatment of autoimmune and inflammatory diseases.

CBio receives payment from Novo Nordisk A/S

Thursday, March 11, 2010

Australian drug developer CBio Ltd (ASX: CBZ) today announced the achievement of a clinical trial milestone under its option agreement with global pharmaceutical leader Novo Nordisk A/S.

The milestone triggered the payment to CBio of US$1 million from Novo Nordisk A/S. Novo Nordisk employs more than 29,000 people in 81 countries and markets its products in 179 countries.

The agreement was signed in May 2008 and grants Novo Nordisk an exclusive option to negotiate an exclusive licence to CBio’s intellectual property surrounding XToll which is currently in phase II clinical trials at sites across Australia and New Zealand.

Additional clinical trial sites in Serbia, Bosnia and Georgia are expected to commence recruitment this month.

Novo Nordisk is a world leader in diabetes care and has a leading position within areas such as haemostasis management, growth hormone therapy and hormone replacement therapy.

The agreement with Novo Nordisk relates to the development of XToll, the potential new-generation drug therapy which could provide safer and more effective treatment of autoimmune diseases such as rheumatoid arthritis (RA).

The clinical trial milestone was triggered by the recruitment of the 75th patient into the current 150 patient phase II clinical trial.

CBio managing director Jason Yeates said the company was encouraged by progress in the trial and feedback from clinical investigators. The trial will now be completed.

“We believe that CBio holds an attractive pharmaceutical asset in XToll and that the drug has the potential to address the unmet needs of patients and participate in what is currently a US$17 billion global market,” Mr Yeates said.

There is a global search underway by big pharma companies for new RA therapies that are proven to be safer and more effective than therapies now available. We believe XToll has the potential to be a part of this demand pipeline and, most importantly, improve the lives of RA sufferers.

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