Demerger clears the path for therapeutic company capital raising
Sydney, Australia, 25 September 2018: Minomic International Ltd is pleased to announce it received strong shareholder approval to approve the demerger of its therapeutic subsidiary, GlyTherix Ltd, at a recent extraordinary general meeting.
The demerger follows deep consultation with the investment community and potential license partners in Australia and the USA. Following this consultation, Minomic’s board and management determined that these parties view the diagnostic and therapeutic activities as separate and distinct businesses wishing to invest in either one but generally not wishing to invest in both.
Minomic’s Board formed the view that separation of the Company’s diagnostic and therapeutic businesses would assist the near-term commercialisation of the MiCheck® test via a licencing deal. Additionally, the demerger will facilitate fundraising for the next steps for the therapeutics business, including a full Phase 1 trial of Miltuximab®.
Minomic’s CEO, Dr Brad Walsh commented “Completing the demerger is an important step in clearing the way to maximise the value of both the company’s therapeutic and diagnostic assets ensuring that we provide the best possible return for all our stakeholders.” “The support received from our shareholders confirmed this was the right strategy” he added.
Brad Walsh, Ph.D.
Chief Executive Officer
Minomic International Ltd is an Australian diagnostic company specialising in development of diagnostics for solid tumors, including prostate, bladder and pancreas. Minomic has developed the in vitro diagnostic MiCheck® test for the early detection of prostate cancer. Minomic is preparing to globally launch the MiCheck® test, which has been shown to be more than twice as specific as the existing gold standard Prostate Specific Antigen (PSA) test. MiCheck® delivers only 1.5 false positives in every 10 samples, compared to 6 false positive results in every 10 samples using the PSA test. Minomic is interested in partnerships or collaborations with larger pharmaceutical/diagnostic global partners able to produce, register and distribute the MiCheck® test and collaborate through registration and commercialisation of future diagnostic applications of the MIL-38 antibody .
GlyTherix Ltd is an Australian immuno-oncology company specializing in therapeutics for solid tumors, including prostate, bladder and pancreas. GlyTherix is developing Miltuximab® for the targeted treatment of a number of cancers. At the core of the technology is a protein known as Glypican-1 (GPC-1). GPC-1 occurs in many solid tumors such as prostate, bladder, pancreatic, glioblastoma, esophageal, ovarian and brain cancers. It is not present in healthy tissue.
The company has a strong proprietary and Intellectual Property position covering both Miltuximab®, its anti-GPC-1 antibody and the antigen itself, GPC-1. This provides robust and long-term protection for the commercialization of important new treatments to people with little hope of cure. GlyTherix has now completed a ‘First-in-Human’ trial of 12 patients using Miltuximab® with no drug-related adverse events observed. GlyTherix is interested in partnerships or collaborations with larger pharmaceutical partners.