Broadvector acquires CSIRO prostate cancer vaccine IP

Broadvector Limited has completed acquisition of the IP rights to a potential prostate cancer treatment and vaccine from the CSIRO.

The Melbourne-based biotech, which specialises in treatments for conditions associated with aging, did not reveal the size of the deal, but disclosed that the science body has become a major shareholder as a result of the transaction.

Broadvector is developing a prostate cancer treatment and a related vaccine technology through subsidiary Biotech Equity Partners (BEP), which it acquired in 2009. BEP had previously been licensing the IP rights for the underlying technology from the CSIRO.

The company now plans to accelerate phase I development of the treatment, which will target early stage prostate cancer, when the disease is most commonly diagnosed.

According to Dr Andrew Bray, Broadvector's CEO, the non-surgical treatment under development promises to be more effective and less invasive than traditional approaches.

“Prostate cancer is devastating and current therapies are associated with severe side effects including sexual dysfunction and long term urinary incontinence,” he said. “Furthermore, current treatments cannot treat all cancers.”

The proposed treatment will be based on gene-directed enzyme pro-drug therapy (GDEPT).

Broadvector is also close to starting phase II trials of another GDEPT treatment, for aseptic loosening of prosthetic implants.

This condition, caused by chronic inflammation from a weakening of bones surrounding an implant, can require premature replacement of the parts used in hip reconstructions.

Broadvector had been planning to conduct an $8.5 million IPO in late 2010, and list on the ASX under the ticker code BDV. But in September last year, the company withdrew its proposed $0.20 per share offering, and announced plans to pursue alternate funding arrangements.

The company is in the process of conducting a $5 million capital raising instead, and the IP acquisition was triggered by the completion of the first stage of this process.