MARC SINATRA’S BIOGUIDE BRIEF: BROADVECTOR
October 17th 2010 22:37
Biotech Daily
Monday September 13, 2010
Daily news on ASX-listed biotechnology companies
Monday September 13, 2010
Daily news on ASX-listed biotechnology companies
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BROADVECTOR’S ‘VERY REASONABLE’ IPO
Overview: Broadvector is a Melbourne-based biotechnology company focused on conditions of the aging.
Their two internal projects use local administration of an enzyme in the form of a gene, via a viral vector into the target tissue.
This is followed by the systemic delivery of a pro-drug, which is turned into the active form of the drug via the enzyme enabling tissue-specific targeting of the drug at comparably high concentrations.
The technology is termed “gene directed enzyme pro-drug therapy”.
Offer Details: Price: $0.20; Funds Sought: $8.5 million; Market Cap at Offer Price: $24.5 million.
Directors & Management: Chairman Dr Wayne Millen; managing director & chief executive officer Dr Andrew Bray; non-executive directors Dr Roland Toder, Iain Kirkwood; chief scientific officer Dr Gerald Both; chief financial officer Malcolm Booth; company secretary Lee Mitchell.
Broadvector has a solid board and management. One or two significant additions to the team will be warranted as the company progresses its products.
Products in Development:
1. Aseptic loosening of prosthetic implants: Aimed at removing spongy tissue that can develop around prosthetic implants, causing them to become loose. An enzyme and pro-drug combination destroys this tissue. Bone cement is then injected into the space once occupied by the tissue, effectively re-anchoring the prostheses. A phase IIa trial is scheduled to begin next year
2. Early-stage prostate cancer: The enzyme-containing vector is injected directly into the cancer. A regulatory element in the vector means that the enzyme is only produced in prostate cancer cells. The pro-drug is given systemically where it travels to the cancer, is turned into the active drug and attacks the prostate cancer. A phase I trial is expected to commence soon.
3. Vaccine platform: This product is based on the enzyme containing vector used in the prostate cancer product. Used as a vaccine, the vector would be engineered to encode antigens specific to the pathogen the vaccine is aiming to immunize against. Broadvector considers this project an out-licencing opportunity.
Comment: Broadvector’s products are well protected by the patents and licenses they hold and the technology is well supported in the scientific literature.
The aseptic loosening product may find orphan niches, although I am not 100 percent sure it will meet the criteria that the problem be life-threatening.
The amount of capital being sought, the prospective market capitalization and plans for deployment of the capital raised, all fall into the “very reasonable” category.
Broadvector appears to have recognized that many past offerings have left little on the table for new investors; so this may be the first successful biotech IPO for a long time.
Marc Sinatra’s Bioguide
email: marc@biotechdaily.com.au
subscribe to Biotech Daily at the link above or at www.biotechdaily.com.au
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