Vaccinoma pins hopes on IPO for trial funding

Australian biopharma company Vaccinoma is hoping to raise at least AUS$17m through an initial public offering (IPO) in order to help it proceed to Phase III human trials of its melanoma cancer vaccine (Polynoma-1) and Phase I human trials of its breast cancer vaccine (Polyshed-1).

To date Vaccinoma has received $US11m in funding support for the Polynoma-1 vaccine from the US Food & Drug Administration (FDA) - with whom it is currently discussing the design of Phase III human trials - the National Institutes of Health and the US National Cancer Institute, amongst others. The company's IPO is offering 17 million shares for $1 each with allowance for a further eight million for oversubscriptions

With about 60,000 new cases of melanoma in the US each year and 80% of Australia's 1200 annual skin cancer deaths caused by melanoma, the world market for melanoma treatments is estimated to be worth US$1.5bn per annum.

Polynoma-1 uses a combination of purified antigens from three melanoma cell lines which stimulate the body's immune system to fight tumours. It has been tested in around 600 Americans and has shown "statistically significant" safety and efficacy results in a Phase II trial.

'Existing treatments for melanoma [include] surgery, observation with combinations of radiation, chemotherapy and injections of interferon. As evidenced by the high death rate and serious side effects, there is dire need for a highly effective and low toxicity [melanoma] vaccine,' said Mr Paul Hopper, Vaccinoma ceo.