Yep then people will jump in when its too late. Its funny how many shares were traded when the CSL deal went through and people were happy paying 22cents. Its so quiet in here sometimes that I feel I'm talking to myself :)
Find me another company with the following I listed in my first post and at such a low market cap.
-Funding for 15mil -Market cap appx 20mil. -Cash appx 7mil. -Human trials approved. -CSL deal with milestone payments. -Major shareholder paying 150% premium to aquire more shares in cap raising.
FOLLOWING its clinical progress, Patrys has announced Advance Opportunities Fund has extended a $15 million funding facility, committing up to $4 million in the first 12 months.
Advance has divided the funding facility to Patrys in three lots of $5 million.
Under the facility, up to $4 million will be available over the coming 12 months, and Advance has an option to offer $1 million to complete the first tranche.
If both Patrys and Advance consent, two additional tranches of $5 million each may be provided during the facilitys three-year term.
Today, Patrys added the 3 million new fully paid ordinary shares to its share registry and put a $100 issue price under the consideration box.
Advance is an institutional investment fund managed by Singapore-based Value Capital Asset Management.
In a statement released today, Patrys said the funding would support the advancement of its clinical products.
Patrys intends to use the funding to enhance shareholder value primarily by supporting the advancement of its lead anti-cancer therapeutic candidates, including, but not exclusively, PAT-SM6, PAT-SC1 and PAT-LM1, the company said this morning.
By mid-afternoon today, the companys share price was up a cent or 9.1% to 12c on a 151,629 share volume.
Yesterday, the company announced it had received ethics approvals for a first-in-humans clinical trial of PAT-SM6.
ANTIBODY therapeutics developer Patrys has predicted it will report results from a first-in-humans Phase 1 trial of its human antibody SM6 in melanoma patients within 12 months.
Patrys chief executive Dan Devine
The trial, which received Royal Adelaide Hospital ethics approval on Friday, is an open-label, multicentre, Phase 1 study of 10 patients.
The trials primary endpoint is establishing the safety profile of a single, intravenous dose of the anti-GRP78 monoclonal antibody, PAT-SM6, in patients with recurrent, in-transit cutaneous melanoma.
Previous estimates predicted the trial would kick-off by the end of 2009 and would be reported on within six to eight months.
Late in May, Patrys chief executive Dan Devine provided a revised timetable and predicted the company trial would initially recruit a dozen melanoma patients and was likely to start in 30-60 days.
Speaking to BTN yesterday, Devine said the recruitment process was starting now and predicted safety data would start coming in straight away.
This is the first trial of this drug in humans, from a safety perspective. We will get some indications of its safety right away, because we can obviously observe the patient that is receiving the drug, he said.
Assessing the anti-cancer impact of the drug will take a bit more time, he said.
We would expect that within the latest 12 months we will have finished the trial, finished treating the patients, and collected all the data and analysed all the data, certainly within 12 months.
Patients enrolled into the study will have recurrent, in-transit cutaneous melanoma and will receive a single, intravenous dose of the monoclonal.
Ninety-six hours later cutaneous tissue will be collected.
Important secondary endpoints for the study are to describe the pharmacokinetics of PAT-SM6, screen for development of patient antibodies against it, explore its anti-tumour activity, assess the pharmacodynamic effects of it in patient tumour samples and identify potential biomarkers of therapeutic efficacy and safety.
A second Phase 1 trial of PAT-SM6 in 25 patients with metastatic melanoma and other cancers will get underway towards the tail-end of the first one if the product proves safe and well tolerated.
Today Patrys announced it had captured up to $15 million in funding.
For more details, see Advance Opportunities investing $15M in Patrys.
PAB Price at posting:
11.1¢ Sentiment: Buy Disclosure: Held
