Oncaidia goes public with mAb

Oncaidia, an Adelaide-based biotechnology company developing a monoclonal antibody called Apomab for cancer detection, is listing on the stock exchange.

The company opened its public share offer earlier this week.

The company hopes to raise $5 million, with the right to accept oversubscriptions of a further $1 million, through the issue of 25 million ordinary shares at an issue price of $0.20 per share. Managing director Keith Smith said each share has one attaching option, a bit inducement to invest early.

"That option has a long expiry," Smith said. "The termination is 31 December 2016, so it is a very valuable option."

First developed at the Hanson Institute in Adelaide, Apomab is a monoclonal antibody that targets a protein present in all cell types, but more common in cancer cells.

Research has shown that the target protein can be detected by Apomab when cancer cells die, such as during conventional cancer treatments like chemotherapy.

Oncaidia chairman Peter LeMessurier said in a statement that the technology had the potential to reduce the worldwide burden of cancer through numerous products for various cancer markets.

"Potentially, Apomab could lead to the development of a range of therapeutic and diagnostic products for cancer," he said.

"Apomab products could not only help doctors to treat cancer, but also locate cancer in the body, assess a patient's response to anticancer treatments or assist in anticancer drug development decisions."

Oncaidia was formerly known as Apomab Ltd and was originally part of LabTech Systems, the Adelaide company specialising in microbiological diagnostics that has recently signed deals with bioMerieux and Invetech. LabTech Systems demerged the Apomab technology in 2005.

The company said the next phase of research and development will involve additional preclinical studies associated with its use as a diagnostic and therapeutic agent and the development of the technology to a form suitable for use in human.

The IPO will close on September 7, with trading expected to commence on the ASX on September 19.