Antisense raising $2.5m for trials, partnering plans

Antisense Therapeutics (ASX:ANP) has launched a $2.5 million capital raising to raise funds for its clinical and commercialisation programs.

The company has placed $1 million in new shares to sophisticated investors and plans to follow it up with a share purchase plan worth up to $1.5 million.

Proceeds from the capital raising will be put towards progressing partnership plans for its ATL1103 candidate in the growth disorder acromegaly, as well as the planned higher dose clinical trial of the drug.

The funds will also be used to progress FDA interactions on a potential phase IIb study of ATL1102 in relapse remitting multiple sclerosis.

“While the board has consciously sought to keep the size of the raising to a level that minimises dilution, importantly, raising this overall amount is expect to fund the company to the end of 2015 based on planned activities,” Antisense CEO Mark Diamond commented.

Antisense separately reported that the publication of data from the previous 77-patient phase IIa trial of ATL1102 has been published in Neurology.

The study shows that ATL1102 met its primary endpoint - a significant reduction in the cumulative number of new active brain lesions in patients taking ATL1102 compared to a placebo - after only two months of dosing. New lesions were reduced by 54.4%.

“There are a number of unresolved issues with current MS drugs including the occurrence of neutralising antibodies to the antibody, protein and peptide MS drugs as well as long-term safety concerns with the more recently approved drugs,” said the trial’s lead investigator, University of Cologne professor of neurology Dr Volker Limmroth.

“The ATL1102 phase IIa trial provides evidence for the first time that antisense oligonucleotides may be used as a therapeutic approach in neuroimmunologic disorders such as MS. ATL1102 was shown to be highly effective in reducing brain lesions in RRMS patients with a quick onset of action.”

Antisense Therapeutics (ASX:ATL) shares were trading 17.24% lower at $0.12 as of around 2 pm on Thursday