IPO Watch: Clarity Pharmaceuticals joins the ASX after completing $92m IPO
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Clarity Pharmaceuticals (ASX:CU6) has become one of the biggest biotech IPOs in recent memory and yesterday, it gained on debut.
The company raised $92 million at $1.40 per share and it rose as much as 22% on its debut.
It is the third company targeting cancer to list on the ASX in 2021 but the first since January Kiwi cervical cancer screening company TruScreen (ASX:TRU) and drug company Chimeric Therapeutics (ASX:CHM) were the first in 2021.
Clarity Pharmaceuticals specialises in a technology called Targeted Copper Theranostics (TCT) which can target many different types of cancer.
It’s technology platform has a bifunctional chelator (cage) at its heart that strongly binds and retains copper isotopes.
The cage is linked to targeting a molecule which finds and binds tumour specific receptors on cancer cells.
It is only the second ASX company in the radiopharmaceutical space; the other being Telix Pharmaceuticals (ASX:TLX).
“We use exactly the same mechanism of action as other radiopharmaceutical companies but the difference is instead of Telix in several, we’re just on the 2 – copper 64 and copper 67 – because they are ideally suited as perfect pairing for imaging and treatment,” executive chairman Andy Taylor told Stockhead.
Speaking about the ASX debut of Clarity Pharmaceuticals, Taylor said yesterday was a big milestone for his company.
“It sort of sets a line in the sand. It doesn’t change our underlying business at all but it’s positive to transition from an unlisted environment to a listed environment,” he said.
Taylor says his company has five different clinical trials running, more than the typical ASX biotech with three different products.
These products are SARTATE, which is aimed at neuroblastoma, SAR-Bombesin which is targeting breast and prostate cancer, and SAR-bisPSMA which is targeting prostate cancer.
“What we’re trying to do is build sustainable model of incredible efficacy of our products but centralised manufacturing to broadly distribute to wherever there’s a tech camera or wherever there’s a urologist who wants to use the therapies,” he said.