Immuno-oncology company, Minomic, has announced the successful completion of its current funding round.
According to the company, its $5 million capital raise round closed substantially oversubscribed with total funds raised of $9.2 million. These funds will support the the commercialisation of its diagnostic test, MiCheck, which includes a prospective trial to be conducted in early 2017.
Recent clinical trials have shown the MiCheck test provides compelling data to differentiate between men with and without cancer and also has the ability to differentiate between those men with aggressive and non-aggressive cancers, said the company in a statement.
The funds raised will also be used to support the company’s first in human trial examining the use of Minomic’s proprietary monoclonal antibody, MIL-38, as a new tool to better detect and treat prostate and other cancers.
This trial is being run at Macquarie University’s Private Hospital located at Macquarie Park in Sydney.
Minomic’s CEO, Dr Brad Walsh, said: “This capital raise from both existing and new investors is a resounding vote of confidence in both the company’s progress to date and its future prospects which are looking very exciting.
“The company is focussed on achieving a licensing outcome for the MiCheck® test in the near term and developing the value of the MIL-38 antibody as an imaging and therapeutic agent. The capital raised will significantly enhance our abilities to deliver both.”