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Allied Healthcare Group substantial shareholder The Metal Group moves to 17.84% interestMay 02 2012, 3:37am
Allied Healthcare Group (ASX: AHZ) substantial shareholder The Metal Group has increased its stake in the company to 17.84%.
The Metal Group acquired around 34.3 million additional shares at $0.028 per share for a total consideration of $959,760 on 27 April.
The purchase increased the investor’s stake by 3.15%.
Highlighting the rapid pace at which Allied Healthcare continues to meet milestones, the company recently increased its shareholding in Coridon after investing a further A$1 million.
This is a strategic move for Allied Healthcare, giving the company a 44.4% share in Coridon and maintaining its focus on unique drug programs with global implications.
Coridon is rapidly advancing towards its Phase I study for a herpes vaccine and is making further progress on its Human Papillomavirus (HPV) therapeutic vaccine program.
Less than two weeks prior to announcing it had increased its stake in Coridon, Allied Healthcare revealed Coridon had gained access to vector technology that will improve the performance of its next generation of DNA vaccines.
Coridon has entered into a licence agreement with Nature Technology Corporation for the use of its safe, minimalised and antibiotic-free selection vectors.
Importantly, the use of this vector will improve the overall benefit of Coridon’s vaccine by driving the in vivo transcription and translation of the genetic material.
Allied Healthcare is also further proving the commercial benefits of its ADAPT® Tissue Engineering Process.
In early April the company released positive 36-month post Phase II human clinical trial follow-up results of paediatric patients who were implanted with the CardioCel® cardiovascular patches during various corrective cardiac surgical procedures.
CardioCel® is a collagenous-based bioprosthetic device, made of tissue derived from bovine pericardium and treated with the ADAPT® Tissue Engineering Process.
The follow up data further supports the data for subsidiary Celxcel’s technology, in particular the prevention of calcium build up in tissue post implantation.
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