US vaccine firm plans ASX listing

US-based private vaccine development company Vaccinoma is planning to raise AUD$15 million through an IPO on the ASX in early April.

The company is working on a vaccine for the treatment of melanoma and plans to be undertaking phase III clinical trials in the next 24 months.

"I think the market is starting to pick up and we plan to list before Easter," said Vaccinoma director Paul Hopper. "The company is at a very advanced stage and you can count on one hand the Australian companies that are as close to phase III clinical trials as Vaccinoma. There is a high incidence of melanoma in Australia and it is a topical issue that fits well with the Australian market."

The company has been developing the therapeutic vaccine for 10 years and has data from about 600 patients, Hopper said.

"The funding will be used for the manufacture of the vaccine and to start the phase III trial, which will include 900 patients in the US and Australia. The phase III study is likely to take two to three years and FDA approval will then be sought -- submissions will also be made for Australian and European approval.

"We are hoping to be doing an Australian roadshow by early to mid-March. The company has a pre-IPO value of $26 million and is a little small for a US IPO. We plan to list the company in early April at a $1 per share."

Hopper -- the former CEO of Avantogen, and current executive chairman of Bone Medical -- has been involved with Vaccinoma for the last nine months. In that time he has been instrumental in establishing the company's board of directors, which includes former Biota CEO Peter Molloy and La Jolla Pharmaceutical CEO and chairman Steve Engle.

"Paul has done a great job of getting the company in to a good position by appointing the auditors, scientific advisory board and it looks like it is a pretty attractive company," Molloy told Australian Biotechnology News today.

The development of a vaccine has to date been supported by the US National Cancer Institute which according to Hopper has given the company $15 million in funding. It has also had strong financial backing from US-based universities and the US government.

Pegasus Corporate Advisory was appointed last week as corporate advisor and lead manager.