Reef Pharmacaeuticals to select CRO for HIV antibody pre-clinical trials

Source http://www.mergermarket.com/services/intelligence/ , by Davide Schiappapietra

Reef Pharmaceuticals, the Australian drug development company, is looking to select a contract research organization (CRO) for pre-clinical studies for its patent-pending polyclonal antibodies designed to prevent HIV transmission, CEO David MacInnes said.

Reef aims to select an international CRO in 1Q14, after completion of the current AUD 1.3m financing round, which will add to the already-spent AUD 12m in research and development, he said. The company is already in talks with a number of CROs but wishes to receive further approaches from outside Australia before making a final decision, he told this news service on the sidelines of the Wholesale Investors event in Sydney.

The ongoing financing round will fund the development of process capabilities for the production of the company’s compound, which is collected from colostrum, the first milk of dairy cows after calving.

Reef wishes to develop and commercialise a low-cost female-controlled topical microbicide, the CEO said. Reef’s technology consists of antibodies that coat the mucosal layers and bind to them for 24 hours. These antibodies provide a barrier to HIV transmission and can be complemented by contraceptives, he said.

The concept was designed and tested in vitro at the University of Melbourne, the CEO said, adding that in vitro results to date have demonstrated its efficacy.

Reef aims to focus its future clinical studies in getting US Food and Drug Administration (FDA) approval , a task for which the company will require another AUD 20m financing round after completion of pre-clinical studies, the CEO said. Clinical studies are expected to start within two years, he said

The CEO, alongside the founder and developer of the product concept Damian Purcell, own the majority of the company and aim to an exit in three years, with a trade sale seen as the preferred option.

Damian Purcell is associate professor in the Department of Microbiology and Immunology at the University of Melbourne.