Hunter Immunology Seeks Funding for Clinical Trial

Australia-based biotechnology company Hunter Immunology is seeking to raise $8-10 million to fund a Phase IIb clinical trial of its lead product HI-164OV.

The capital raising is cornerstoned by the IB Australian Bioscience Fund which has already invested $4 million and an Asian pharmaceutical company Soho Pharmaceuticals which has invested $1 million.

Hunter Immunology managing director Dr Kevin Healey said that these funds would be supplemented with a placement of a further $3-5 million to institutional and sophisticated investors. There would also be a rights issue to ensure that all shareholders had an opportunity to participate further in the future of Hunter.

Three clinical trials have shown HI-164OV to be safe and effective in patients with chronic pulmonary obstructive disease (COPD). HI-1640V is an immunotherapeutic that alleviates the severity of COPD exacerbations.