Clinuvel raises $7.2m for Scenesse development

Clinuvel Pharmaceuticals (ASX:CUV) has raised $7.2 million through a private placement and plans to use the proceeds to progress the development of skin drug Scenesse.

The placement was conducted at $1.658 per share, a 5% premium to the average trading price for the 20 days leading up to 8 May. Clinuvel directors subscribed to $300,000 worth of the new shares.

Clinuvel Chairman Stan McLiesh said the company is raising funds for its Scenesse development programs in erythropoietic protoporphyria (EPP) and vitiligo.

“While we await the outcome of the European regulatory review, we will use these funds to prepare a comprehensive pharmacovigilance program monitoring post-marketing the use of Scenesse in EPP patients,” he said. “This befits a controlled commercial program anticipated by our teams.”

Funds will also be used to support the development of Scenesse as a treatment for vitiligo. Clinuvel recently secured approval to commence recruitment for a 60-patient phase II trial in this indication.

Scenesse is a linear peptide which activates eumelanin of the skin. The trial will evaluate the use of the treatment in combination with narrowband ultraviolet B (NB-UVB) therapy.

Clinuvel (ASX:CUV) shares were trading unchanged at $1.50 as of around 2 pm on Wednesday.