QBiotics launches $10m capital raising
Queensland’s QBiotics is seeking $10 million to help fund human trials of anti-tumour candidate EBC-46 and investigate the potential of a new compound in wound healing.
The unlisted public company has launched a prospectus offer for the capital raising.
Part of the proceeds will be used to fund human trials of EBC-46, which has demonstrated anticancer potential in clinical development for companion animals. EBC-46 is derived from blushwood, a plant unique to the North Queensland rainforest.
QBiotics will also put the funds towards Australian research into the potential of WH-1, a new compound derived from the same plant.
QBiotics CEO Dr Victoria Gordon said WH-1 has shown strong promise in pre-clinical development.
“Some of the wound healing we’ve witnessed so far in pilot studies with pet dogs has been remarkable. These animals had chronic non-healing wounds that weren’t responding to current standard-of-care treatments before being treated with our new compound,” she said.
Dr Gordon said there is significant demand for new types of wound-healing products in both human and veterinary medicine.
“Both our anticancer and our wound-healing products are very different types of drugs to those currently available,” Dr Gordon said. “Essentially, they let the patient’s body do the work. They act as signalling molecules which turn on the body’s own immune system to attack the tumour or accelerate the natural wound-healing process.”
While a $10 million capital raising would typically accompany an ASX listing, QBiotics has decided to remain unlisted for now.
“The board of QBiotics feels that remaining unlisted better suits our current stage of development,” corporate finance manager Reuben Buchanan said. “We already have over $8m in pre-registered interest so we are confident that we can raise the funds required over the next month.”
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