Minomic Announces Completion of Oversubscribed Capital Raising at AGM
- AUD5m capital raising closed oversubscribed by AUD4.2m
- Total funds raised AUD9.2M
- Funds will support diagnostic and therapeutic trials
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.”
About Minomic
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.
Contacts
Further Inquiries:
Minomic International Ltd
Dr Brad
Walsh, +61 413 231 296
Chief Executive Officer
