University welcomes largest pure biotech IPO in ASX history
The University of Melbourne welcomes the announcement of biotechnology start-up Clarity Pharmaceuticals Ltd’s initial public offering (IPO) and admission to the official list of the Australian Securities Exchange (ASX). The company raised $92 million at $1.40 per share, the largest pure biotech IPO in the history of the ASX.
Founded in 2010, Clarity is a clinical stage radiopharmaceutical company developing next-generation products to address the growing need for radiopharmaceuticals in oncology.
Clarity’s clinical development pipeline is underpinned by its proprietary SAR Technology platform that enables highly targeted theranostic radiopharmaceuticals for both the diagnosis (using copper-64) and treatment (using copper-67) of serious diseases.
The company is deeply rooted in research, founded with licenses of intellectual property from the University of Melbourne and the Australian Nuclear Science and Technology Organisation. The University has since maintained a long-standing collaboration with the company through the research of Professor Paul Donnelly from the School of Chemistry, Faculty of Science and Bio21 Institute.
“I am delighted that this fundamental discovery-based chemical research from our group has been translated to the clinic to provide potential benefits to cancer patients. The collaboration with Clarity is very scientifically rewarding and provides University researchers with valuable insight into the commercial realities of research translation,” said Professor Donnelly.
Earlier this year, the University assigned a patent portfolio for radiopharmaceuticals to the company, providing them with the full rights and ownership of the patents moving forward.
Clarity’s Executive Chairman, Dr Alan Taylor said: “It has long been stated that we don’t translate science well in Australia. Clarity is now proof that anything is possible, through the translation of early patents to products with the potential to better treat children and adults with cancer.
“Fundamental to translation is a deep knowledge network and strong basic research, which can be leveraged by successful partnerships. The University of Melbourne has been an outstanding partner and we now have the opportunity to share in Clarity’s success together.”
University of Melbourne Executive Director Research, Innovation and Commercialisation, Ken Jefferd said: “We’re very proud of this milestone and the partnership we have with Clarity Pharmaceuticals. This is what we do. Stories like this show that research can, and should, be commercialised for public good. And here at the University of Melbourne we’re committed to supporting such translational ventures."