SYDNEY - The share price of Peptech Ltd. has had a wild ride since Peptech became the first Australian biotechnology company to receive U.S. clearance for a drug.
Peptech Managing Director Michael Cohen said the Sydney-based company won FDA approval for its Ovuplant implant, used primarily to increase fertility rates in horses.
Peptech's stock price already had moved up from around A$0.22 a share to nearly A$0.40 in early June, as the market assessed the company's chances of having the horse treatment accepted, only to fall to below A$0.30 again. The share price then bounced back to A$0.40 by early last week, when the announcement was officially made.
At the close of trading Monday, Peptech's share price was A$0.355.
The delivery technology used in the implant, which allows the slow release of peptides to control horse fertility, also is applicable in human health treatments. Peptech's immediate plans, however, are to develop additional animal health products, including a means for controlling fertility in dogs.
Peptech has operations in Australia, the U.K. and Denmark. *