Start-up biotech company Broadvector is set to further boost its growth with an $8.5 million floatation of the company.
Broadvector, which was founded in 2007, is seeking the extra funds to develop clinical trials in two areas – prostate cancer and hip replacements.
The business held a pre-IPO two months ago, which raised $800,000. However, Broadvector wants further funding by going public, with the aim of raising a minimum of $5 million.
Clinical trials for the prostate cancer treatment are to take place in Sydney, but Broadvector is looking at offshore locations in an attempt to give the company an international presence.
“The sources of private money out there haven’t been adequate for the trials,” MD and CEO Andrew Bray told StartupSmart. “We’ve had to work hard – anyone who picks up a newspaper knows that it’s not easy at the moment. But the pre-IPO gave us confidence.”
Broadvector was founded with seed funding from Pharma Bank, which is headed by Wayne Millen, Broadvector’s non-executive chairman. Bray said that the company has been speaking to brokers for “a long time”.
“We have good partners and we are working on diseases that everyone knows. We’ve also put a lot of attention to our IP. This has helped the IPO.”