Raises $5.1 Million, Lists on Australian Stock Exchange
The biotech company is currently developing treatments for heart, liver and kidney diseases - the three largest diseases in the fibrotic disease market.
Global market value of the medication to treat fibrotic disease is estimated to be over A$70 billion.
Commenting on the successful listing on the ASX Vectus Chairman, Professor Graham Macdonald said this was another key milestone reached in the evolution of Vectus Biosystems.
"With funds now secured and listing occurring we can rapidly progress a range of technical and operational activities," Prof Macdonald said.
"Our strategy is to develop and perform early validation of our drug candidates to the point where they may become commercially attractive to potential pharmaceutical partners."
Funds from the IPO will be used to develop its lead compound VB0004, which aims to treat the hardening of functional tissue and high blood pressure.
The company has conducted a range of successful per-clinical trials which have shown that VB0004 slows down the advances of fibrosis, potentially repairs damaged cell tissue and reduces high blood pressure.
The VB0004 compound is progressing towards several important milestones including pharmaceutical scale up and additional toxicity studies.
"Successful results will provide Vectus with a clear path to Human Phase 1 and 11a Clinical Trials," Prof Macdonald said, "These trials may support opportunities for engagement with mid to large size pharmaceutical companies.
"These companies are constantly looking for new drugs which address widely prevalent disease states, and utilise a business model which can provide co-funding and licencing arrangements that broaden their own drug development pipelines.
The Company has also developed technology aimed at improving the speed and accuracy of measuring the amount of DNA and RNA in samples tested in laboratories.
The technology, called Accugen, is owned by Vectus' wholly owned subsidiary Accugen Pty Limited.
Prof Macdonald said the technology potentially offers a time, cost and accuracy benefit compared to currently available systems.
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About Vectus Biosystems Ltd
Vectus Biosystems Ltd (ASX:VBS) was founded on the groundbreaking discoveries by Dr Karen Duggan and her team. Their insight into the function of the native Vasoactive Intestinal Peptide (VIP), combined with years of research and successful testing to date, has led to the development of a new class of mimetic drug candidates and a drug library supported by a portfolio of intellectual property.
Vectus Biosystems Ltd
Professional Public Relations (PPR)