UQ breast cancer drug maker QUE Oncology raises $21.5m from Medical Research Commercialisation Fund
The Medical Research Commercialisation fund has led a $21.5 million raise into anti-cancer therapies company QUE Oncology, funding the development of a drug that stops breast cancer survivors suffering hot flushes during endocrine treatments.
The company was founded in 2013 as a joint venture established by Emory University in Atlanta and the University of Queensland's main commercialisation company UniQuest.
Its hot flush drug, known as Q-122, has gone through a phase one human clinical trial, in which more than 85 per cent of women experienced a reduction in their severe hot flushes.
QUE chief executive Dr Rob Crombie, who has just joined the team, said the new round of funding would allow the company to complete phase two trials, ahead of a likely sale or partnership with a major pharmaceutical company for phase three.
"The breast cancer survivor trial in phase two will have 100 to 130 women and it's a placebo-controlled blinded study, which is the gold standard. It will be run in Australia and we're looking at sites at the moment. The other studies we have funded in the series will look at menopausal women as well," he said.
"I think we'll get to a phase where we'll partner with someone for the phase three stage. A sale or a partnership are both potential outcomes for us and we know there is another company, Ogeda, in this area that was recently bought for €800 million ($1209 million)." Read more
Yolanda Redrup - Financial Review - 5 Jun 2017