According to the Forum for European-Australian Science and Technology Cooperation (FEAST), Australian biotech firms have been successful in raising capital during the first half year, ended June 30. Drug development and device companies raised a record AUD 500 million ($422.7 million) from IPOs and other capital raising efforts. Biotech firms Avexa, Acrux and Progen together raised more than AUD 160 million ($135.2 million) for Phase III clinical trials on an HIV antiviral, a drug for liver cancer and a lotion-based treatment for testosterone deficiency, respectively. Source: FEAST