SYDNEY--(BUSINESS WIRE)--Immuno-oncology company, Minomic International Ltd, announced the successful completion of its current funding round at its Annual General Meeting of Shareholders on Tuesday November 29.
The company's AUD5m capital raising round closed substantially oversubscribed with total funds raised of AUD9.2m. These funds will support the company’s commercialisation program of its diagnostic test, MiCheck®, which includes a prospective trial to be conducted in early 2017. Recent clinical trials have shown that the MiCheck® test not only provides compelling data to differentiate between men with and without cancer but it also has the ability to differentiate between those men with aggressive and non-aggressive cancers.
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. The additional funds will also enable the company to advance other significant therapeutic opportunities that have evolved from its monoclonal antibody technologies.
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.”
Dr Walsh said, “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.”
Minomic International Ltd is an Australian immuno-oncology company specialising in therapeutics and diagnostics for prostate cancer. Minomic has developed the in vitro diagnostic test called MiCheck® test for the early detection of prostate cancer. Minomic is preparing to globally launch MiCheck® test, which has been shown to be more than twice as specific as the existing gold standard Prostate Specific Antigen (PSA) screening technology. This means that MiCheck® delivers only 1.5 false positives from every ten samples, compared to 6 false positive results in every 10 samples using the standard PSA test. The MiCheck® technology uses Glypican-1, a newly identified biomarker and other biomarkers never previously used in prostate cancer diagnosis.
Minomic is interested in partnerships or collaborations with larger pharmaceutical/diagnostic global partners able to produce, register and distribute the MiCheck® test and collaborate through registration and commercialisation of future diagnostic imaging and therapeutic applications of the MIL-38 antibody for prostate cancer.