Clarity Pharmaceuticals is set to hit the market on Wednesday, August 25, 2021, following the completion of its $92 million public offer.
The company’s shares will debut on the ASX under the code ‘CU6’.
In its prospectus, the company offered 65.7 million shares under its initial public offering (IPO).
Last year, the company through a pre-IPO funding round raised $25 million in which leading investment firms such as Sydney-based fund manager Firetrail Investments, Australian Unity and GenesisCare invested in Clarity.
About Clarity
Founded by Alan Taylor, Sydney-headquartered Clarity is developing next-generation products to address the growing need for the use of radiopharmaceuticals in the diagnosis and therapy of cancers in children and adults.
The company is an Australian science-industry collaboration success story after being established with licences of intellectual property from The University of Melbourne and the Australian Nuclear Science and Technology Organisation.
It has maintained a strong relationship with these organisations as it progressed its products into the clinic.
“Robust intellectual property portfolio”
Chairperson Alan Taylor said: “In building our product range since our inception, we have created a robust intellectual property portfolio in respect of our platform, pipeline and clinical-stage products.
“Clarity is led by a management team and board who possess a diverse range of skills and expertise, together with extensive experience in the radiopharmaceutical market.
“Alongside the management team and board, Clarity has a Scientific Advisory Board, which consists of key opinion leaders who have significant research and clinical experience in global radiopharmaceuticals.”
Key focus areas
Clarity, which is a clinical-stage radiopharmaceutical company, is focusing mostly on the treatment of serious diseases such as cancer.
The company has a leading position in innovative radiopharmaceuticals, developing targeted copper theranostics based on its SAR Technology Platform for the treatment of cancer in children and adults.
Its first clinical product, SARTATE™, entered a first-in-human Phase I trial in 2015, which demonstrated the technology’s ability to target and visualise the cancer of trial patients.
This diagnostic study provided Clarity with sufficient data to commence a therapeutic trial of SARTATE™ in children with neuroblastoma, a devastating childhood cancer, with a goal of developing treatments with enhanced diagnosis and more positive therapeutic outcomes for these kids.
The diagnostic and theranostic trials of SARTATE™ helped validate Clarity’s SAR Technology as a TCT platform and paved the way for the clinical development of two additional products, SAR-Bombesin and SAR-bisPSMA, for the management and treatment of breast and prostate cancers.
Taylor said: “We will continue this broad-ranging approach by further rolling out our Discovery Program with new products and for additional cancer indications in pursuit of our ultimate goal of improving the treatment of children and adults with cancer.”
Radiopharmaceutical therapeutic products
The company’s radiopharmaceutical therapeutic products fit into two of the five pillars of cancer treatment and can be thought of as a combination of Molecular Targeted Therapy and radiotherapy as they involve the use of molecular targeted drugs linked to radioisotopes.
Clarity’s diverse asset portfolio addresses large indications as well as rare and orphan indications.
Orphan drug designation classification is given to a product if it treats a disease or cancer that affects a small number of people, and mostly tax incentives are provided for treating such diseases and these products also commands a premium on pricing.
Besides this, the company through its proprietary SAR Technology platform, which employs the “perfect pairing” of copper radioisotopes (copper-64 for diagnosis and copper-67 for therapy), seeks to address the manufacturing and logistical limitation within the global oncology market.