The US Navy answers ACE Biosciences distress call  

The US Naval Medical Research Center has entered a agreement with the hard pressed Danish biotech firm to develop a vaccine for traveller's diarrhoea

No less a force than the US Navy has sailed to the aid of Danish biotech firm ACE Biosciences, reports financial daily newspaper Børsen. The US Naval Medical Research Center and the Odense-based firm have entered a agreement to develop a vaccine for traveller's diarrhoea, ACE393, which has now been put into human testing.

The vaccine is highly interesting to the US Navy, which transports soldiers to many trouble spots around the world. Its potential value is illustrated by the fact that more than half of the 1,400 US soldiers recently sent to the Middle East have fallen victim to the kind of debilitating diarrhoea that travellers to foreign lands know only too well.

ACE Biosciences' MD Ingelise Saunders comments: "We have gained a collaboration partner rather than an investor, but it gives us a quality approval to go out and talk to investors, and that is very important to us." The company aims to raise DKK 120 m (USD 20.4 m) before Q2 2007, which will keep it afloat until the end of 2008 when the vaccine research is completed. One further cash raising round is then expected before the product begins to generate income.

The investors in ACE Biosciences are all domestic, and comprise Bankinvest, The Danish Growth Fund and Dansk Innovationsinvestering. The company would very much like to see foreign investors added to its fleet of financial supporters.

Link > ACE Biosciences 

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