On September 8, 2021 Clarity Pharmaceuticals (ASX: CU6) ("Clarity" or the "Company"), is an Australian-based clinical stage radiopharmaceutical company developing next-generation products to address the growing need for the use of radiopharmaceuticals in oncology (Press release, Clarity Pharmaceuticals, SEP 8, 2021, View Source [SID1234587369]). The Company commences trading on the Australian Securities Exchange (ASX) at 11:00am (Sydney, Australia time) today following the completion of an initial public offering (IPO).
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The IPO raised $92.0 million and was strongly supported by institutional, professional and retail investors. Jefferies (Australia) Pty Ltd and Bell Potter Securities Limited were Joint Lead Managers and Underwriters to the IPO.
Clarity is a global leader in Targeted Copper Theranostics (TCT), developed with its proprietary SAR Technology platform. TCT are the next-generation disruptive platform in radiopharmaceuticals that employ the "perfect pairing" of copper-64 (64Cu) and copper-67 (67Cu) for diagnosis and therapy respectively. TCT deliver a compelling combination of high accuracy and high precision in the treatment of a range of cancers, as well as providing supply and logistical advantages over current radiopharmaceuticals. TCT provide a highly efficacious, scalable, and cost-effective way to expand radiopharmaceuticals into the global oncology market.
Clarity’s proprietary SAR Technology platform can be used to develop a range of theranostic radiopharmaceuticals that target different types of cancer. At the heart of Clarity’s theranostic SAR Technology platform is a highly specific and highly stable bifunctional chelator (cage) that strongly binds and retains copper isotopes within it. The cage is linked to a targeting molecule, which finds and binds tumour specific receptors on cancer cells. Together with the targeting molecule and the isotope, the technology enables the development of radiopharmaceuticals for diagnosis and therapy in oncology.
Clarity has a diverse range of products in clinical trials which address both large indications (prostate cancer and breast cancer) as well as rare and orphan indications (neuroendocrine tumours (NETs) and neuroblastoma) of cancer, thereby positioning the products to take advantage of the high unmet needs that currently exist in respect of the medical treatment used for these types of cancers. The products in the clinical stage of development include:
SARTATE: for the treatment of neuroblastoma, Phase I/IIa; for the diagnosis of neuroendocrine tumours (NETs), Phase II;
SAR-Bombesin: a pan-cancer treatment product, including for the treatment of breast cancer and prostate cancer, Phase I; and
SAR-bisPSMA: for the treatment of prostate cancer, Phase I/IIa; for the diagnosis of prostate cancer, Phase I.
Clarity’s focus in the clinical development process is on high quality clinical sites and experienced investigators. The Company is targeting the lucrative US market for first product approvals and expects that it will have sufficient cash to fund its medium-term operational requirements and business objectives as a result of the funds raised under the IPO.
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.
Clarity’s Executive Chairman, Dr Alan Taylor, commented: "Our Board and management team are committed to our strategy. We believe Clarity to be a global leader in targeted copper theranostics with best-in-class chelator technology. The IPO significantly advances our business and we are delighted to welcome our new shareholders and thank our existing shareholders for their continued support.
"Our proprietary SAR Technology platform addresses the growing need for the use of radiopharmaceuticals in oncology and we believe that targeting the US market for first clinical approvals will assist in potentially achieving large scale market penetration of our products.
"We look forward to continuing to grow the business, deliver on our strategy and move closer to our ultimate goal of developing better treatments for children and adults with cancer."