Clarity Pharmaceuticals, a radiopharmaceutical company focused on the treatment of serious disease, has raised $4 million to support further development of its clinical pipeline and expand its presence in Europe and the US.
The investment round attracted support from current shareholders and a small number of new investors.
The capital will provide matching funds for a number of grants awarded to Clarity in 2016, including $2.5 million from the Cooperative Research Centres Programme and $1 million from Accelerating Commercialisation grants.
The company said the money raised will fund the development of SARTATETM, a radiopeptide product that helps to visualise and kill cancerous cells using its technology and radioisotopes of copper.
It will continue its current clinical trial program with SARTATETM for the treatment of neuroendocrine tumours in adults and neuroblastoma in children. The company said it is looking to conduct these trials in clinical centres in the US, Europe and Australia.
The capital will also fund 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," said the company.
Dr Alan Taylor, executive chairman of Clarity Pharmaceuticals, said, “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.”