bioMD changes name to Allied Healthcare Group

bioMD Limited (ASX: BOD) today announced a change of corporate name to reflect the merger with Allied Medical Ltd earlier this month. The new Company will be called Allied Healthcare Group Ltd and trade under the ASX code AHZ.

Allied Healthcare Group is a diversified healthcare company with assets throughout the medical spectrum, from early stage R&D to product commercialisation and an established medical devices distribution business. Supported by the profitable medical distribution business, the Group includes regenerative tissue engineering technologies with its lead  product (CardioCel) having completed a successful Phase II clinical trial and Professor Ian Frazer’s next generation DNA vaccine development company Coridon Pty Ltd.

Lee Rodne, MD of Allied Healthcare Group said: “While benefiting from bioMD’s advanced assets, the new group offers shareholders a much more diversified investment proposition.”

“We have a number of exciting assets in the new group that we will be focusing on for rapid commercialisation.  Professor Frazer, best known for developing the Gardasil cervical cancer vaccine, is currently looking at next generation vaccines for a range of infectious diseases and cancers. These new DNA vaccines are particularly exciting as they differ from traditional vaccines, offering both preventative and therapeutic value.”

Allied Healthcare has a majority stake in Coridon, the company established to commercialise Ian Frazer’s vaccine work. Coridon has a unique patented DNA optimisation technology that can potentially be applied to the development of a wide range of vaccines targeting major global diseases.

The Company’s most clinically advanced product is CardioCel, a regenerative patch used to repair paediatric heart deformities. This product has completed a successful Phase II human trial and is based on patented technology known as the ADAPT Tissue Engineering Process (TEP), a method of processing animal derived tissues to produce implantable products that are compatible with the human body.

Allied Healthcare’s distribution business has recorded strong growth over the past five years. The continued expansion of its product offering provides the Group with a strong platform for growth. Growth of the sales and distribution business has been maintained through the establishment of strategic alliances with leading medical equipment manufacturers globally.

“As well as the attractive product pipeline and cash flow from our distribution business, we are very fortunate to have a number of exceptional people on our Board and on the share register. These people are key assets to our group as we drive to bring returns to investors through commercial deals, product development and continued sales growth in the distribution business,” Mr Rodne said.

Allied Healthcare Group is 70% owned by the former shareholders of Allied Medical. Significant investors include Andrew Forrest, Avexa and The Clough Family.