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Broadvector completes acquisition of CSIRO’s intellectual property for its prostate cancer therapy and related vaccine technology
10 November 2011 | Melbourne Australia
Broadvector Limited (‘Broadvector’) has successfully completed the acquisition of intellectual property rights from the CSIRO, which underpin a potential treatment for early stage prostate cancer and a related vaccine technology. As a part of the terms of the intellectual property acquisition transaction CSIRO has become a major shareholder in Broadvector.
The assignment of the intellectual property (IP) rights followed a merger between Broadvector and Biotech Equity Partners Pty Ltd (‘BEP’). The prostate cancer technology embodied in the IP had previously been licensed from CSIRO to BEP with BEP subsequently progressing the prostate cancer treatment and securing TGA approval for a Phase I clinical trial in Australia. BEP recently become a fully owned subsidiary of Broadvector. The merger of the two companies and the subsequent acquisition of the CSIRO IP were triggered following Broadvector successfully completing the first stage of an on-going $5M capital raising.
Broadvector will now accelerate the Phase I clinical development of the treatment for early stage prostate cancer which is when the disease is most commonly diagnosed and where the tumour is still confined to the prostate. Prostate cancer is the most commonly diagnosed cancer and a major cause of cancer death in men. If successful, Broadvector’s treatment will offer a more effective and non-surgical treatment with fewer side effects.
Broadvector is also poised to enter a Phase II clinical trial to treat aseptic loosening of prosthetic implants. Untreated, this debilitating condition means premature replacement of the implants used in hip reconstructions which brings serious risk for the typically elderly patient group. Broadvector is well placed to develop each of these products given both are based upon gene-directed enzyme pro-drug therapies (known as GDEPT).
With both its product candidates focused on treating conditions associated with the ageing population, Broadvector therapies address major unmet medical needs of a growing market demographic where life expectancies are increasing and governments are seeking minimally invasive and cost effective treatments.
“Prostate cancer is devastating and current therapies are associated with severe side effects including sexual dysfunction and long term urinary incontinence. Furthermore current treatments cannot treat all cancers,” said Dr Andrew Bray, chief executive officer of Broadvector. “We are looking forward to accelerating the development of Broadvector’s prostate cancer treatment. The GDEPT therapy has approval from the TGA and St Vincent’s Hospital in Sydney to proceed with the Phase I clinical trial. We also have attracted two eminent prostate cancer specialists to lead the trial once the current funding round has been completed. ”
Enquiries
Dr. Andrew Bray, CEO
Broadvector Limited
0408 129 758
