Shares in Phylogica Ltd jumped 12 per cent today, after the Perth drug discoverer licensed a skin-repair compound to New York-based cosmetics firm Le Metier de Beaute.
Phylogica today said it had licensed its Phylomer peptide PYC35 to Le Metier de Beaute for use in cosmetics to be sold in the US, UK and Hong Kong.
Phylogica will receive royalties on sales of products containing PYC35.
At the close, shares in Phylogica were 0.3 cents higher at 2.8 cents with more than 11.6 million changing hands.
PYC35 is derived from a tiny organism known as pyrococcus horikoshii which lives in undersea volcanic vents and can endure extreme high pressure and temperature.
Phylogica originated from a collaboration between the Telethon Institute for Child Health Research and the Fox Chase Cancer Centre in Philadelphia, and was spun out in 2001.The company listed on the Australian Stock Exchange in 2005 and is also listed in Germany.
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