Virax brings in Clearview

Melbourne company Virax (ASX: VHL) introduced shareholders to its strategy for partnering in a video conference with US bio-partnering specialists Clearview Projects yesterday, in a move designed to raise shareholder awareness of the partnering process and its importance to biotechnology companies.

Virax has brought in Clearview to manage its partnering process, which has been underway for several months now. The company hopes to complete a partnering agreement within the next seven to ten months, according to Beames.

CEO Dr David Beames said that the approach received a positive response from shareholders, who are currently considering a pro rata share issue expected to raise around $3.4 million for the company.

"It gave [shareholders] a better idea of the partnering process," Beames said. But the proof of the pudding, he said, would be the success of the capital raising, which closes on July 10th.

Funds raised will be used to continue the current development, which includes an extension study for the company's first clinical trial of its Co-X-Gene-based HIV immune therapy drug and upcoming preclinical projects targeting prostate cancer and hepatitis B, in addition to facilitating partnering activities.

According to Beames, the company is in discussions with a number of potential partners, including both mid-sized biotechnology companies and pharmaceutical companies.

"We may find that mid-sized biotechs are an easier fit with some things we are doing ... these companies may be more receptive to new classes of drugs," he said.

As far as what's on offer, Beames said, the company is remaining open to opportunities, including the possibility of partnering the development of its platform Co-X-Gene technology.

"We've not limited what's on the table in terms of projects, as we are still at such an early stage, so we're not being too prescriptive about what form partnering will take," he said.