SYDNEY, AUSTRALIA – Clarity Pharmaceuticals, a radiopharmaceutical company focused on the treatment of cancer, cardiovascular disease and fibrosis, has received a strategic investment of $5 million from GenesisCare, the largest private provider of cancer treatment in Australia and Europe.
The funds will go towards the development of Clarity’s clinical pipeline, aligning with GenesisCare’s strategy to increase patient access to innovative, high quality care.
The announcement follows GenesisCare’s 2017 acquisition of Theranostics Australia, the country’s pre-eminent provider of theranostics, in an effort to advance developments in this potentially ground-breaking field of cancer treatment.
Theranostics combines diagnostics and therapy – using agents that are labelled with isotopes and bind to markers on cancers – to deliver precise, personalised cancer therapy. GenesisCare’s investment will accelerate Clarity’s clinical developments using its theranostic technology.
Dan Collins, GenesisCare Chief Executive Officer and founder, said he is excited to be partnering with Clarity, in what is the first investment of this type for GenesisCare.
“This strategic investment is an exciting new step for GenesisCare. Our goal is to bring the very best of our organisation to partner alongside Clarity to find better ways of treating patients. Our world-class doctors and researchers are uniquely positioned to develop and deliver cutting edge proprietary technologies, with clinical infrastructure in Australia, Europe and soon China.
“This collaboration aligns with our plans to grow our clinical trial capabilities. We are looking forward to working with Clarity to advance the global radiopharmaceutical market and improve access to innovative technologies and therapy for people with cancer around the world,” said Mr Collins.
Clarity’s extensive pipeline targeting cancer includes: SARTATETM, a radiopharmaceutical compound for treating neuroblastoma in children, as well as neuroendocrine tumours and meningioma; SAR-PSMA for prostate cancer; and SAR-BOMBESIN for a range of cancers, including small cell lung, ovarian, prostate, and breast cancers, gastrointestinal stromal tumours, urinary cancers and glioblastoma.
Clarity’s unique theranostic technology combines the “perfect pairing” of isotopes, using copper-64 for diagnosis and copper-67 for therapy.
Associate Professor Nat Lenzo, GenesisCare Clinical Director of Theranostics, said he is very supportive of the new collaboration.
“Theranostics is a promising form of personalised cancer therapy, with potential to become an important treatment alongside other core cancer therapies.
“To advance this field – in order to have the greatest impact on life outcomes – there is a significant opportunity and need to develop, test and introduce new theranostics agents. I am personally very excited about GenesisCare’s investment in Clarity, which will increase treatment options for people with cancer,” A/Prof Lenzo said.
In addition to the investment, Clarity and GenesisCare will be exploring strategic and collaborative opportunities, including clinical development, supply chain logistics, increased access to patients, contract research organisation services and new market entry opportunities.
Dr Alan Taylor, Executive Chairman of Clarity Pharmaceuticals, welcomed the collaboration: “This strategic investment comes at a time when the radiopharmaceutical industry is gaining real momentum. We’re thrilled to be working closely with GenesisCare to leverage the synergies that this collaboration might bring to advance the treatment of cancer in children and adults around the world.”
Dr Taylor said Clarity was immediately commencing an additional $5 million Rights Issue to current shareholders on the same terms as the GenesisCare investment to provide shareholders with an opportunity to invest on the same basis. Any shortfall would be offered firstly to shareholders who take up their entire rights in the Rights Issue, and then, if any shortfall remains, to new investors.