Summary
- Epichem, PharmAust’s wholly-owned subsidiary, has obtained WasteSorted e-Waste Grant worth A$200K from WA Government New Industries Fund.
- The grant will see Epichem use Oxidative Hydrothermal Dissolution technology for converting e-waste into useful products.
- The technology has the potential to offer substantial benefits across several industries and will support the economy by creating jobs.
ASX-listed a clinical-stage oncology player PharmAust Limited (ASX:PAA) announced that the Company’s wholly-owned subsidiary, Epichem Pty Ltd, has obtained WasteSorted e-Waste Grant from the WA government.
Post this announcement, PAA shares moved north and were trading at A$0.100, an increase of 2.040%. The market capitalisation of the Company stood at A$31.03 million.
Let us deep dive and discuss in detail-
About PharmAust Limited
A clinical-stage company, PharmAust Limited, is developing therapeutics to treat both humans and animals. The Company focuses on the marketed drug repurposing and hence reducing the risks as well as development costs.
WasteSorted e-Waste Grant of A$200K to Epichem
On 22 January 2021, PharmAust disclosed that Epichem had been awarded a A$200,000 from the Western Australian Government New Industries Fund.
These funding will see Epichem use Oxidative Hydrothermal Dissolution (OHD) technology for converting e-waste into useful end products. With this process, valuable metals and produce useful high-value chemicals can be recovered.
Source: PAA AGM Presentation (5 November 2020)
Moreover, the Company notified that the R&D program would support a new and innovative solution for processing collected e-waste. Notably, this will decrease the e-waste amount ending up in the landfill.
Epichem in a nutshell
Western Australia based Epichem offers its services and products in medicinal chemistry. The subsidiary of PharmAust offers its services to the global drug discovery and pharmaceutical companies across more than 40 nation for over 17 years.
PharmAust to support recycling and waste reduction
The grants aids WA Waste Avoidance and Resource Recovery Strategy 2030 objectives. These include:
- To avoid waste.
- Recover more value as well as resources from waste.
- Avoid the impacts of waste on the environment.
Source: Megapixl
Moreover, the Company notified that the A$16.7 million New Industries Fund was established to provide business support. These funds will also increase new and emerging businesses for the diversification of Western Australia’s economy and generate new jobs.
Mr Colin La Galia CEO Epichem said:
Further, Mr Galia added that technology can provide substantial benefits across several industries, supporting the economy, and positively affecting the environment.
Adding to this, Dr Roger Aston, PharmAust’s Executive Chairman, stated:
ALSO READ: PharmAust (ASX:PAA) begins research on Monepantel COVID-19 testing
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