Sydney, Australia, 29 June 2017 – Clarity Pharmaceuticals, a radiopharmaceutical company focused on the treatment of serious disease, has raised AU$4 million to develop its clinical pipeline using its proprietary theranostic technology and expand its presence in Europe and the US.
The investment round includes strong support from current shareholders and a small number of new investors. The capital raising will provide matching funds for a number of grants awarded to Clarity in 2016, including AU$2.5 million Cooperative Research Centres Programme and AU$1 million Accelerating Commercialisation grants.
The money raised will fund the development of SARTATE™, a radiopeptide product that helps to visualise and kill cancerous cells using Clarity’s unique technology and radioisotopes of copper. Clarity will continue its current clinical trial program with SARTATE™ for the treatment of neuroendocrine tumours in adults and neuroblastoma in children. The Company is looking to conduct these trials in leading clinical centres in the US, Europe and Australia.
In addition, the capital raising will fund the development of two other assets in Clarity’s pipeline: a prostate specific membrane antigen (PSMA) targeting product for the diagnosis and treatment of prostate cancer; and a Bombesin product that targets the gastrin-releasing peptide receptor, which is present in a number of serious cancers including lung, ovarian, prostate, and breast. Both of these products will use Clarity’s proprietary copper-64 and copper-67 theranostic approach, which has multiple benefits over existing isotopes including a perfect pairing for diagnosis and therapy, optimisation of dose and centralised manufacture and supply.
Dr Alan Taylor, Executive Chairman of Clarity Pharmaceuticals, commented, “We are excited to see how much Clarity has grown in the last few years, which is testament to the capabilities of our team and collaborators, and we are very pleased to receive continuous strong support from our investors. The capital raising puts Clarity in a very strong position, providing matching funds for around $5 million of grant funding to spend on our programs and enabling us to progress our pipeline and complement it with new and exciting products. This comes at a time when radiopharmaceuticals are gaining real traction in the treatment of cancer, and during a period for the Company where there is increasing interest from a number of pharmaceutical companies globally.”
Clarity Pharmaceuticals is a personalised medicine company focused on the treatment of serious disease. The Company is a leader in innovative radiopharmaceutical technology, developing targeted therapies and assisting in the drug development pipeline of novel therapies for companies globally.
Dr Alan Taylor
Ph: +61 (0)413 871 165