Biotech start-up Clarity Pharmaceuticals has just raised $1.1 million in a round dominated by Sydney Angels, thanks to a rare combination of existing revenue – $500,000 projected in calendar 2014 – with the blue-sky potential that’s customary in the sector.
Clarity uses patented diagnostic and imaging technology developed by the Australian Nuclear Science and Technology Organisation (ANSTO) and the University of Melbourne, which it claims can be used to “personalise” and increase the effectiveness of targeted antibodies-based therapies.
“There might be a cancer drug which has been tested on a general population and deemed ineffective,” explains Clarity’s managing director Matt Harris.
“We can perform diagnostic tests on that trial population, which might show the drug travelling to the tumour in 100 out of 200 cases. Those 100 could then be selected for further treatment by the drug, so it’s got a much better chance of being effective.”
Harris founded the company in 2010 after raising $650,000 from individual investors, many of them medical professionals. The new fundraising was lead by Sydney Angels member Alan Taylor, who became chairman last November after a decade of investment banking. Much of that was spent at boutique, Inteq, raising money in Australia for US-owned life sciences companies.
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