News & Events

< Back to News Overview

GBS Ventures achieves its 4th New Drug Approval from the US FDA

03 / 08 / 2020

With the FDA approval of Xeglyze for the topical treatment of headlice, GBS gained its 4th FDA drug approval.  GBS has supported many of the drugs developed by Australian biotechnology companies that have reached the milestone of approval by the world's preeminent regulator, the US Food and Drug Administration.
Other approvals include Picato, commercialised by Peplin, and later Leo Pharmaceuticals for the treatment of actinic keratosis, a precancerous skin lesion, Synribo, commercialised by Chemgenex and later Teva for chronic myeloid leukemia, and Aridol, commercialised by Pharmaxis for the treatment of asthma and bronchiectasis.  Three of these drugs are new molecular entities, of which only six have ever been commercialised by Australian biotechnology companies.  
Ben Gust, the GBS lead on the Hatchtech board commented, "We remember our colleague Dr. Andrew Baker, who initially saw the potential of both Xeglyze and founder Dr. Vern Bowles, on this exciting occasion.  We're pleased for each of the funds that we managed from the University of Melbourne, multiple Superannuation funds and Government innovation programs that took a long view and supported the company over the many years that it has taken to bring the drug from a University lab to approval in the world's largest pharmaceutical market.  Finally we're really grateful and impressed by the management team led by Hugh Alsop whose persistence and professionalism have brought a new drug to market that will help stop head lice in its tracks."
Brigitte Smith added, "it's great to see that GBS Ventures has been able to be an important part in the founding and building of many new drug and medical device companies that have been based on Australia's excellent fundamental science and clinical strength, and built an industry, at the same time as delivering excellent financial results to our investors".
For more information contact:
Brigitte Smith
Managing Director
GBS Venture Partners
+61 417 234 703