Amarillo Biosciences outlines $5 million capital program

By Elaine Rigoli

Tampa, Fla., Sept. 26 - Amarillo Biosciences, Inc. said it hopes to raise up to $5 million to complete clinical studies of its low-dose oral interferon.

The Amarillo, Texas-based biotechnology firm said two phase 2 studies are being conducted through 2007, a U.S.-based oral warts study in HIV-positive patients and an Istanbul-based study on Bechet's disease.

The oral warts study is estimated to cost about $500,000 and is expected to be completed by late 2007. The Bechet's disease study is being largely funded by the company's Turkish partner, Nobel Ilac, and is expected to be completed by late 2007.

The balance of the up to $5 million that the company intends to raise will fund phase 3 trials in 2008, which will be necessary to make an application to the Food and Drug Administration for approval.

So far Amarillo has raised $1.5 million in long-term equity financing, primarily from European institutional and high net worth investors.

Other investors in Europe and the United States are continuing to express interest and the company said it intends to draw on this source.

In addition, Amarillo aims to raise $5 to $10 million from public-sector funds for a large-scale human clinical influenza study in 2007.

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