Australia's Vaccinoma to raise A$17M

Australian firm Vaccinoma Inc is slated to raise at least A$17.0 million ($12.6 million) via an initial public offering to proceed to Phase III human trials with its melanoma cancer vaccine and to progress a breast cancer vaccine to Phase I studies.

Australia suffers the highest rate of skin cancer in the world and 80% of the 1,200 annual deaths from the condition are caused by melanoma.

There are about 60,000 new cases of melanoma in the USA each year and nearly 8,000 deaths. Current treatments are limited in effectiveness and commonly suffer serious toxicity. The world market for melanoma treatments is estimated at around US$1.5 billion a year.