On February 18, 2019 Clarity Pharmaceuticals, a radiopharmaceutical company focused on the treatment of serious disease, is reported that it has raised a total of $8,965,959.75 (Press release, Clarity Pharmaceuticals, FEB 18, 2019, View Source [SID1234533370]). This includes the previously announced strategic investment of $5,000,002.75 from GenesisCare, the largest private provider of cancer treatment in Australia and Europe, and an additional $3,965,957.00 from the undertaking of a Rights Issue to Clarity’s existing shareholders.
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Clarity is now opening the capital raise to external investors for the remaining $1,034,045.75 to complete a total of $10,000,005.50.
The money raised will fund further development of Cu-64 SARTATE and Cu-67 SARTATE, which are next generation, highly targeted, theranostic pharmaceuticals with increased specificity and in vivo stability. Cu-64 SARTATE allows for diagnostic PET imaging, as well as the potential for personalised dosimetry. Cu-67 SARTATE is a potential therapeutic product which could enable treatment for cancers that express the somatostatin receptor 2 (SSTR-2). Clarity commenced its first therapy trial in July 2018 using SARTATE in a serious brain cancer called meningioma and have now reached 50% of our patient recruitment target. This trial of Cu-67 SARTATE will help to pave the way for the use of Cu-67 SARTATE in this patient group as well as using this data as a basis to help expand other indications that express SSTR-2, such as neuroblastoma, an aggressive children’s cancer, and other cancers. Clarity will also continue the development of Cu-64 SARTATE as a diagnostic product for neuroendocrine tumours (NETs) following a successful first-in-human study, completed in 2016.
The capital raising will also 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 (BBN) product that targets the gastrin-releasing peptide receptor, which is present in a number of serious cancers including lung, ovarian, prostate, and breast.
Dr Alan Taylor, Executive Chairman of Clarity Pharmaceuticals, commented, "We are excited to see such strong support from our existing shareholders in this Rights Issue as well as increased interest from a number of strategic companies. This gives us great confidence in our technology, and to continue growing and developing our Company, its capabilities and pipeline in the future. We are also looking forward to welcoming a small number of new investors to our Company given now is the time when the radiopharmaceutical market is gaining significant traction with a number of multibillion-dollar acquisitions in the last few years."