Its lead product is the CVac ovarian cancer immune therapeutic or known as therapeutic cancer vaccine.
CVac has completed two successful clinical trials and is progressing toward eventual commercialisation in the US, Australia, Europe, and globally.
This product is a maintenance therapy for patients with ovarian cancer administered post surgery and post chemotherapy to delay relapse and control metastases.
The company’s strategy is to commercialise CVac into the multi-billion dollar global oncology therapeutic market.
PRR has other products in the development pipeline like the Oral HPV vaccine created using dense gas technology.
PRR plans to list on the Nasdaq Global Market in the United States. Subject to approval, the company will have a dual listing of its securities on both the ASX and Nasdaq.
PRR has also been one of the hot stocks recently, with its share price surging more than 50% in the past few weeks.
CVac results from phase I and phase IIa trials have been very promising. It has also been evaluated for a registration study in breast cancer.
The global market size for ovarian cancer is estimated to grow to US$3.6 billion in the near future.
CVac would be the first of its type in the market and would and would initially aim to take a conservative 10%-25% of the ovarian cancer treatment market.
A conservative 10% market share equates to approximately US$360 million per annum.
CVac also has potential indications in several additional cancers.
Trial for ovarian cancer patients in remission is planned to commence by third quarter 2011.
Being in infancy, PRR’s financial record is yet to gain traction. The company recently announced the appointment of Ian Bangs as its new CFO to bolster its financial affairs.
For the half ended 31 December, PRR reported a marked increase in revenue to $0.51 million.
The company also saw its net loss narrow to $6.9 million (from $7.9 million) on year.
With PRR progressing rapidly to commercialisation of world’s first ovarian cancer vaccine, we feel this result will be turned around soon.
PRR is well funded with $40 million committed for current work.
PRR’s CVac addresses a major global unmet medical need. The company has top tier scientific advisors and project managers with a track record of successful commercialisation.
Its long term goal is to develop commercial cancer treatment technologies and programs for global markets.
Successful results will see Prima BioMed capture a significant share of the multibillion dollar cancer vaccine market.
Trials indicate CVac is a strong candidate for treatment of ovarian cancer patients in remission.
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