Avecho Biotechnology (ASX:AVE) - Avecho Biotechnology's (ASX:AVE) - CEO, Paul Gavin
Avecho Biotechnology's (ASX:AVE)
Source: Avecho Biotechnology
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  • Avecho Biotechnology’s (AVE) new formulation of Propofol TPM has passed a critical toxicology study
  • Propofol is an anaesthetic for the induction and maintenance of sedation
  • Avecho has been reformulating the anaesthetic with its proprietary drug delivery system Tocopheryl Phosphate Mixture (TPM)
  • The first toxicology test, however, found Propofol TPM was only safe for induction and maintenance of short term sedation
  • The reformulation has now been retested by Charles River Laboratories USA which cleared it for a 24-hour infusion
  • Avecho CEO Dr Paul Gavin said the company will proceed with licencing discussions and seek a product partner to facilitate development towards commercialisation
  • Shares have jumped 30 per cent and been trading at 1.3 cents

Avecho Biotechnology’s (AVE) new formulation of Propofol TPM has passed a critical toxicology study.

The company develops and commercialises animal and human health products using its proprietary drug delivery system Tocopheryl Phosphate Mixture (TPM).

Propofol is an anaesthetic for the induction and maintenance of sedation and Avecho has been reformulating it using the company’s TPM vehicle.

Propofol is relatively water-insoluble and, as such, is delivered using a lipid-based substance often containing soybean oil, egg yolk lecithin or glycerol.

Unlike exisiting formulations, Propofol TPM is transparent and free from lipid excipients.

The first toxicology test of the product, however, found it was only safe for induction and maintenance of short term sedation.

The restricted application presented a significant hurdle to securing a licensing deal, according to CEO Dr Paul Gavin, and as such the company persevered with optimising the formulation.

Charles River Laboratories USA has now tested the new reformulation and cleared it for a 24-hour infusion.

Avecho CEO Dr Paul Gavin said the successful completion of the study represents a critical achievement for the company and supports licencing discussions.

“We look forward to continuing our licensing discussions and are confident these new results will be of significant interest.

“Our immediate aim is to partner the product in order to facilitate its continued development toward commercialisation,” Paul said.

The study was conducted in rats and all were in good health after the 24 hour treatment and after 7 days of observation with no adverse changes when compared to the saline control group.

Shares have jumped 30 per cent and been trading at 1.3 cents.

AVE by the numbers
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