PALLANE MEDICALPallane (formerly Dia-B Tech) says it has issued...

PALLANE MEDICAL
Pallane (formerly Dia-B Tech) says it has issued a convertible note for $400,000, which is
not subject to the reinstatement of its securities to official quotation.
Pallane said the $400,000 would be used for operating costs and was in addition to a
$370,899 tax refund for the 2009 financial year.
The company said it would raise an additional $600,000 through convertible notes in the
next three months.
Pallane said further capital raisings would be conducted the shareholder approval and the
company would apply research and development grants from the Federal Government in
combination with research consultants appointed by the company.
Pallane said it would continue its discovery and development of pharmaceuticals,
diagnostics and treatments for diabetes and related diseases, with Dia-B Tech’s former
lead compound ISF402 to improve blood glucose control in diabetes the major project.
ISF402 is a small, naturally occurring protein shown to enhance the effects of insulin (BD:
May 3, 2007).
The company said it planned to take the project to phase II clinical trials and
commercialization with major pharmaceutical groups.
Pallane said it intended to approach pharmaceutical partners who have previously
reviewed the clinical data and would further develop and commercialize the project by
exploring potential licencing deals and joint ventures.
Pallane has not traded on the ASX. Dia-B last traded at 1.7 cents prior to a 20-to-one
consolidation.