Sydney, Australia 8 May 2019 – Clarity Pharmaceuticals, a radiopharmaceutical company focused on the treatment of serious disease, is pleased to announce that it has completed its anticipated capital raising of $10,000,005.50. This includes the previously announced strategic investment of $5,000,002.75 from GenesisCare, the largest private provider of cancer treatment in Australia and Europe, an additional $3,965,957.00 from the undertaking of a Rights Issue to Clarity’s existing shareholders, and now the remaining amount of $1,034,045.75 from new shareholders.
The funds will enable Clarity to progress the development of its pipeline of radiopharmaceuticals, including Cu-64 SARTATE™ and Cu-67 SARTATE™, which are next generation, highly targeted, theranostic (diagnostic and therapy) pharmaceuticals with increased specificity and in vivo stability. Clarity’s first theranostic trial of SARTATE™ in a serious brain cancer called meningioma commenced in July 2018 with the study halfway complete. Clarity will also progress clinical trials with SARTATE™ in neuroendocrine tumours (NETs) and neuroblastoma in collaboration with leading institutions in the US and Australia. In addition to the development of SARTATE™, the capital raising will also enable the clinical development of two other products in Clarity’s pipeline, a prostate specific membrane antigen (PSMA) targeting product for the diagnosis and treatment of prostate cancer; and a bombesin product that targets the gastrin-releasing peptide receptor, which is present in a number of serious cancers including lung, ovarian, prostate, and breast.
Dr Alan Taylor, Executive Chairman of Clarity Pharmaceuticals, commented, “We are very pleased to have completed our capital raising which included a strategic investment from our partner GenesisCare, strong support from our current shareholder base as well as great demand from new investors. This capital raising also coincides with recent additions and changes to the team, including ex-Algeta CEO and CMO, Dr Thomas Ramdahl and Dr Gillies O’Bryan-Tear respectively, joining our Board, as well as former Algeta executive, Dr Colin Biggin, moving to acting CEO. Our growing team is dedicated to continuing our important work of developing safer and more effective treatments for children and adults with cancer together with a number of our collaborators and world leading experts in the field.”
Media Contact
Dr Alan Taylor
Executive Chairman
Ph: +61 (0)413 871 165
E: ataylor@claritypharm.com
About Clarity
Clarity is a personalised medicine company focused on the treatment of serious diseases. The Company is a leader in innovative radiopharmaceuticals, developing targeted therapies for the treatment of cancer and other serious diseases in adults and children.
