Pharmaceutical company, Peptech (PTD) has been renamed Arana Therapeutics Ltd after shareholders approved the change on Thursday.
Peptech merged with EvoGenix (EGX), another pharmaceutical, in August to create Arana Therapeutics, and will begin trading under the ASX code "AAH" in week commencing 12 November 2007.
Arana will focus on the fast-growing antibody therapeutics sector: developing antibody/protein based new generation products and platforms for the treatment of inflammatory diseases and cancer.
"This final step in the merger of Peptech and EvoGenix creates a true global player in the antibody therapeutics sector," Arena Therapeutics chairman Robin Beaumont said.
The merged group now boasts a market capitalisation of more than $250 million.
Arana has a strong balance sheet with a cash balance of $169 million at September 30, an enhanced product pipeline, and recurring revenues from licensing and commercialisation agreements with international companies, Beaumont said.
"Arena has the right mix of people, skills, technologies and most importantly financial backing to achieve international recognition.
"Our key focus is to rapidly develop our product pipeline," he said.
In a statement to the stock exchange, Arana outlined its new strategic plan where it expects to have 2-3 Phase II/III assets within three years, 2-3 assets at Phase I or Investigational New Drug stage, 3-4 preclinical programs, an expanded IP portfolio and a number of new technology deals.
Phases I, II or III refer to the different stage of clinical testing. Phase I trial is the first stage of testing in human subjects.
The plan includes pushing for an early exit from the animal health business as it says "it is not aligned with the ongoing strategy of the company".
In addition, the management team has undergone a reshuffle, with a combination of the best people from Peptech and EvoGenix teams.
The combined team has a proven track record in executing major commercial deals, defending and capitalising on its IP, managing product development from the bench top to market, and international regulatory and market approval.
Arana is listed on the Australian Stock Exchange and London Stock Exchange.
Peptech acquired EvoGenix for 15 cents cash and 0.5055 Peptech shares for each EvoGenix share held.
Peptech finished strong, picking up 10 cents or 8.9% to $1.22.
