Cancer vaccine developer Biolife Science is seeking to raise $5 million to fund Phase II trials of its vaccine to fight stomach and breast cancer.
Biolife says its HER-Vaxx vaccine has demonstrated success in stimulating antibodies that destroy cancer cells in patients that have advanced cancer.
Biolife chief operating officer Paul Hopper said Biolife was developing an alternative way of treating breast and stomach cancer to one of the most widely used treatments currently available, Herceptin, which is made by global pharmaceuticals giant Roche.
Mr Hopper said patients treated with Herceptin basically had injected into them antibodies that fought cancer cells.
In contrast, Biolife’s HER-Vaxx vaccine induced an antibody response within the patient’s body.
“So you (the patient) become like a little Herceptin factory,” Mr Hopper said on Wednesday.
He said the antibodies induced by Biolife’s vaccine were not identical to the Herceptin antibody but were structurally similar.
Mr Hopper said that if the Phase II clinical trial were successful, Biolife intended to license out the vaccine.
Biolife executive chairman Dr Roger Aston said having antibodies generated within the patient was more efficient because they lasted longer in the blood and the treatment required fewer booster shots.
It was also cheaper.
He said the vaccine was not a cure for cancer but, with further development, might extend the life of patients by up to 50 per cent and improve their quality of life.
Mr Hopper said Herceptin generated sales of more than $US6 billion ($A5.84 billion) in 2012 and sales would probably grow to $US10 billion ($A9.74 billion) in the next few years.
Biolife expects to list on the Australian Securities Exchange (ASX) in the second quarter of the 2013 calendar year.
Biolife will be acquired by Acuvax Ltd, which is already listed on the ASX.
Acuvax will consolidate its shares on the basis of one new share for every 200 shares currently held and issue shares to Biolife shareholders.
Acuvax shares last traded at 0.1 cents each.
Acuvax will then seek to raise up to $5 million through the placement of 25 million shares at 20 cents each and ask shareholders to change the name of the company to Biolife Science.
Nine years ago, Mr Hopper was the chief executive of Acuvax, and Dr Aston was the chairman.
