ASX announcement 26 October 2012
Statements By Octa Philip Asset Management
Bioxyne Limited is concerned that shareholders and the wider
investment market may have been mislead by inaccurate and
false claims published and distributed by the broker Octa
Philip Asset Management (OPAM) ahead of Bioxyne's EGM in
Sydney next week.
In the interests of a fully informed market and to ensure all
investors are able to make informed decisions based on facts,
Bioxyne seeks to clarify the claims made and published by
OPAM.
their previous role with the broker Martin Place Securities
The board has approved all transactions and no conflcit of
interest has been raised. No conflict has
been raised to the Board for any of Bioxyne's transactions.
2. OPAM claims fees paid by Bioxyne to Paradigm Securities have influenced the Chairman of Bioxyne and that he personally benefits from such fees.Bioxyne has no formal or informal relationship with Paradigm Securities and has not paid it any fees.
3. OPAM claims CEO David Radford is paid more than $500,000 per year.As stated in the 2012 Annual Report, Mr Radford is paid $400,000 plus super. This salary is within the range payable to CEOs of Australian listed companies such as Bioxyne.
4. OPAM claims about the significance of the results of the clinical trials for the COPD therapy HI-164OV.
All the trials for HI-1640V to date have been Phase 2
studies. The data collected have allowed Bioxyne
to potentially achieve funding for a follow on study.
Bioxyne's strategic partnering advisors Torreya
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Partners are engaged in early discussions with a potential
co-investor in the study with Vaxine Pty
Limited.
A number of independent and respected international medical
experts in respiratory diseases and COPD have confirmed to
Bioxyne that there is merit in pursuing a further trial of
the drug. This is why Bioxyne has taken the current approach
to further investigate the efficacy of the drug.
This ignores the fact sufficient data has been obtained to
permit the directors to consider the next
stage. The data is available and will be obtained if needed
in future. The delay is due to a dispute with the clinical
trial agency DataPharm regarding a number of cost overruns.
The amount in dispute is
$150,000, not $350,000 claimed by OPAM. The nature and
details of the disputed amounts were confidential to the Bxn
board.
OPAM has put an incomplete proposal to Bioxyne to which would
involve diluting the current equity held by shareholders by
at least 90 per cent. Bioxyne has considered a number of
incomplete proposals by several local and international
groups in the normal course of business. Like all public
companies, it is not appropriate for it to discuss incomplete
business proposals. The focus of the board is always the
creation of long term value for all shareholders.
The false claims being made could have been easily corrected
had OPAM asked Bioxyne to clarify the information. Bioxyne
has instructed its lawyers to request OPAM cease making false
and misleading statements and to remove false and misleading
statements from its website by COB Friday 26 October.
For Further information please contact:
David Radford Tim Allerton or Andrew Geddes
Chief Executive Officer CityPR
Tel: +61 (0) 407-218-922 (02) 9267 4511
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