Updated on 27 November 2013
Aus firm to raise $10 mn for multiple sclerosis drug
Singapore: Australia medical biotechnology company, Innate Immunotherapeutics, plans to raise up to $10.93 million (A$12) million through an IPO of up to 60 million shares at $0.18 (A$0.20) per share. Firm commitments for $4.55 million (A$5 million) have been received, including $2.75 million (A$3 million) from Australian Ethical Smaller Companies Trust who have provided the cornerstone investment for the IPO.
The majority of funds raised will be used to conduct a placebo controlled phase 2B efficacy trial for its lead drug candidate MIS416 for secondary progressive multiple sclerosis (SPMS). The trial is due to commence at multiple sites in Australia during the second quarter of 2014.
Worldwide, 30 percent of all multiple sclerosis (MS) sufferers have SPMS and there are currently no approved disease modifying drugs for the safe and effective, ongoing treatment of this highly disabling form of the disease.
The company has completed phase 1B/2A trials in New Zealand during which the drug raised no safety concerns and, in most patients treated for three months, showed clear signs of positive effect. These trials were funded in part by the US National MS Society (NMSS) and the New Zealand Government.
In addition, 17 patients with SPMS have been treated with MIS416 over the past five years in New Zealand under a compassionate use programme, which is permitted under the NZ Medicines Act. Of the total 17 patients treated in this manner, 14 have reported significant improvements in their MS symptoms and/or health-related quality of life, following six months or more of treatment.