Perth-based biotech company NeuroDiscovery is taking a punt on radiotherapy technology being developed in the United Kingdom.
The listed company has announced its intent to acquire Enigma Therapeutics – a company which is attempting to prove the effectiveness of radiological device Oncosil for the treatment of pancreatic cancer.
NeuroDiscovery is to issue 75 million shares to purchase Enigma, as well as raising an additional $1.5 million through the placement of 60 million at $0.025 each managed by Perth corporate advisors Forrest Capital.
The Oncosil device is implanted into solid tumours and emits radiation particles.
The technology is a spin-off of intellectual property development by pSivida – another Perth-based biotech company which has used the technology specifically for the treatment of chronic eye diseases.
Enigma is planning to initially target treatment of pancreatic cancer, but has indicated it could be used for other solid tumours.
The company has carried out human and clinical trials of the product and is preparing to apply for CE mark approval.
Oncosil is being marketed as a medical device as opposed to a pharmaceutical treatment in attempts to enable a faster route to market.
NeuroDiscovery is also working to commercialise a pain relief product to be used during the removal of wisdom teeth.
The company's stock rose 31 per cent to close at 3.8 per cent today.