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Australian biotechnology company AdAlta intends to raise up to A$10m ($7.5m) in an initial public offering (IPO) on the Australian Securities Exchange to fund clinical studies for its lead compound AD-114 to treat fibrosis.
Fibrosis is the development of excess fibrous connective tissue in an organ or tissue in a reparative or reactive process.
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The company has developed a latest technology platform that produces proteins, which replicate the shape of shark antibodies, and engineers its key stability features to create unique compounds, known as i-bodies, for therapeutic intervention in disease.
AdAlta CEO Sam Cobb said: "Proceeds from the offer will be deployed to expedite our first candidate into Phase I human clinical trials and extend the technology into other diseases.
"Our strategy is to licence this drug candidate on completion of the planned Phase I clinical studies proposed in the offer.
"The IPO funding will allow AdAlta to develop AD-114 to a point that will be ready for licensing to a major pharmaceutical company.
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By GlobalData"There is heightened global interest in promising new treatments for fibrosis, as well as for the new generations of antibody technologies.
The drug discovery company is making use of the potential of its i-body technology platform to develop a pipeline of drugs, called i-bodies, which focus on the treatment of patients with fibrotic diseases.
The first aim of AdAlta is to develop AD-114 for the treatment of idiopathic pulmonary fibrosis (IPF) along with other fibrotic diseases, for which current therapies have limited efficacy and where there is a high unmet medical need.
Image: An autopsy lung with end-stage pulmonary fibrosis. Photo: courtesy of Ed Uthman.
