History

Bone Limited

Bone was incorporated in December 2002 in Jersey. Bone was created with the purpose of focusing on breakthrough treatments for bone and joint diseases and degeneration, in particular osteoporosis and arthritis.

Bone was formed by the shareholders of Proxima Concepts Limited (Proxima) and has been granted exclusive licences to the Intellectual Property rights for the innovative platform technologies in the field of musculoskeletal therapeutics from three Proxima subsidiaries, which address the oral delivery of peptides and proteins, vaccination via the oral drug delivery route and drug discovery.

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Mr Glen Travers and Dr Roger New formed Proxima in 2000 to continue work in developing important platform technologies for the biopharmaceutical industry.  Mr Travers and Dr New started by investigating new and novel methods of improving and discovering pharmaceutical products, out of which several Bone related projects arose.  These projects now form the core of Bone’s development program.

In January 2004 Bone received additional funding from seed investors who injected $1,000,000 to fund working capital and aid in the development of Bone.

Bone Medical Limited

On 2 June 2004, the Directors of Revenir Ltd, an Australian Stock Exchange (ASX) listed non-trading entity, announced that Revenir had reached agreement to merge with Bone Limited and entered into a Share Sale Deed for the acquisition of 80% of Bone.

In August 2004, the shareholders of Revenir Ltd voted unanimously to support the acquisition of Bone and the change of name to Bone Medical Ltd.  Concurrent with this EGM the Company announced its capital raising had closed early and oversubscribed ($2.52 million).  The Company issued 4.2 million shares at 60 cents per share.

On 23 August 2004 Bone Medical settled the acquisition of Bone Ltd and the Company was re-instated on the ASX on Friday 3 September 2004, under the ASX code “BNE”.

Institute for Molecular Bioscience

Bone has entered into a Collaborative Testing Agreement with the Institute for Molecular Biosciences (IMB) at the University of Queensland to develop libraries of oral drug candidates capable of regulating bone building cells (osteoblasts) and bone destroying cells (osteoclasts).

The IMB is recognised nationally and internationally as one of Australia ’s leading research institutes and a major centre for molecular bioscience research. Creating operational synergies between research, industry and government, the IMB provides an integrated environment of excellence. The testing of Bone Medical’s products will be carried out by the bone group within the IMB led by Dr Ian Cassady.