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Moleculin Biotech, Inc. (MBRX) said it formed a wholly-owned subsidiary to oversee preclinical development in Australia, with an objective to tap into the research incentives provided by the Australian Government.

Moleculin Biotech is a clinical stage pharma company focused on the development of oncology drug candidates, all of which are based on license agreements with The University of Texas System on behalf of the M.D. Anderson Cancer Center.

"The Australian government provides a very aggressive incentive for research and development carried out in their country," commented Walter Klemp, Chairman and CEO of Moleculin. "For companies like Moleculin with less than $20,000,000 AUD group turnover, it can amount to a rebate of up to 43.5% of qualified R&D expenditures. Having an Australian subsidiary provides a great opportunity to speed up preclinical development and reduce the overall cost of our continued drug development efforts."

Some June happenings going well for the company

*Inclusion in the Russell Microcap Index

*Polish National Office approval to begin its second Phase I/II clinical trial to study Annamycin for the treatment of relapsed or refractory acute myeloid leukemia or AML

*Signing an agreement with The University of Iowa Pharmaceuticals for the development of a formulation for WP1732, a molecule which the company claims has the potential to shut tumor activity. The company said the agreement marks the beginning of creating a preclinical package to submit to the FDA in order to request Investigational New Drug status.

*Signing an agreement with the Jagiellonian University in Krakow, Poland, for the development of WP1732, for treating ocular tumors

by RTTNews Staff Writer

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