Acrux Limited
Transdermal drug delivery systems
Acrux Ltd is an Australian listed company focusing on the development of transdermal drug delivery systems.

TSL was engaged in 1999 to create a spin-out company based on a proprietary technology platform from Monash University's Victorian College of Pharmacy and to raise initial capital for its development.

TSL's Role:

• Advised on corporate structure and established Acrux Limited as a Pooled Development Fund
• Provided acting CEO under contract to June 2001
• Conducted initial capital raising of $5 million in 1999 through a Prospectus at $1.00 per share.
• Assisted with a successful $3.8 million START grant application
• Assisted in the structuring of the Company's Board, which has significant experience in international venture capital, capital markets, and pharmaceutical development
• Conducted an $11.3 million capital raising in 2001 from both Australian and overseas institutions and private investors at $5.00 per share
• Provided strategic business development advice
• Conducted a $9.8 million capital raising in 2002 from an Australian institution at $6.00 per share

Acrux is now capitalised at over $200 million and is negotiating commercial licensing, having entered into:

• A worldwide license for veterinary pharmaceuticals with Elanco (an Eli Lilly subsidiary)
• A development agreement with the Population Council for nesterone
• A license for the US for female testosterone with Vivus
• A license in the US for estradiol with Vivus which has now been sublicensed to KV Pharmaceutical.

In March 2007 Acrux entered into two licenses for contraception and a non-hormone women’s health drug with the Akzo Nobel subsidiary, Organon.  Schering Plough has subsequently made an offer to acquire Organon.

To learn more about Acrux Limited visit their web-site here.

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