Clarity Pharmaceuticals raises $2 million
Clarity Pharmaceuticals, an emerging Australian biotech company specialising in the treatment of serious disease, has raised AU$2 million to develop its clinical pipeline using its proprietary drug targeting technology.
The investment round includes strong support from the company’s newly appointed Non-Executive Director, Dr Chris Roberts, and fellow Directors Dr Alan Taylor and Dr Matt Harris, as well as funding from current shareholders and collaborators including: The Australian Nuclear Science and Technology Organisation (ANTSO); the University of Melbourne and ATP Innovations, the deep technology incubator where Clarity Pharmaceuticals is based.
Clarity Pharmaceuticals is also one of a small number of clinical-stage biotech start-ups to receive a AU$1 million grant under the Federal Government’s Accelerating Commercialisation scheme earlier this year.
The capital raising will fund a Phase IIa trial of the company’s new cancer therapy, SARTATE™ – a radiobiological product that identifies and kills cancerous cells in a localised manner – in neuroendocrine tumours. The capital raising will also fast-track clinical trials of SARTATE™ in neuroblastoma, an aggressive childhood cancer, as well as other difficult-to-treat cancers.
Using SARTATE™, Clarity Pharmaceuticals is pioneering the world’s first use of copper radioisotopes for the diagnosis, dosimetry and treatment of cancer, following the completion of their first-in-human trial last year. The results of this first trial will be presented by Clarity Pharmaceuticals and its clinical collaborators at the annual meeting of the prestigious Society of Nuclear Medicine and Molecular Imaging in San Diego in June.
Dr Alan Taylor, Clarity Pharmaceuticals Executive Chairman, said, “We initially sought to raise AU$1 million but have received significant support and interest by investors. The capital raising puts us in a strong position to progress SARTATE™ in Phase II trials, as well as grow our existing portfolio of projects, with a focus on personalised medicine.”
Pharmaceutical technology and nuclear medicine is fast emerging as an attractive market for investment. By 2020, its market value is forecast to exceed AU$9 billion globally*. “New, non- invasive technologies and targeted therapies such as SARTATE™ are disrupting the way patients are treated for serious illness, paving the way for safer and more effective patient outcomes,” said Dr Taylor.
Clarity Pharmaceuticals has raised more than AU$7 million in total since inception, including approximately AU$3 million in grants from the Federal Government. Clarity Pharmaceuticals’ last capital raise was AU$1.1 million in 2014, which included strong support from Dr Taylor and other Sydney-based strategic and financial investors, including angel investment group Sydney Angels – a group of angel investors whose members invest in innovative early-stage companies with high-growth potential.
Dr Taylor added, “Our core focus right now is developing our clinical pipeline by performing proof-of-concept studies in pre-clinical and clinical trials. Using latest technologies to produce personalised medicines such as SARTATE™, we aim to transition drug candidates to humans and determine their efficacy as a therapy in poorly treated diseases, such as some solid cancers in adults and children, as well as cardiovascular disease and fibrosis.”