Allon Therapeutics files preliminary short form base shelf prospectus
Allon Therapeutics Inc has filed a preliminary short form base shelf prospectus with the securities commissions in each province and territory of Canada.
The company’s pivotal phase 2/3 clinical trial is evaluating lead neuroprotective drug candidate davunetide as a potential treatment for progressive supranuclear palsy, a rapidly progressing and fatal degenerative brain disease.
The company is on track to release the top-line data from the clinical trial in the second half of December 2012.
Allon’s Chief Financial Officer, Matthew J Carlyle said, “Positive data from the trial could position Allon to seek regulatory approval in the PSP market, estimated to be $700 million.” Mr. Carlyle also said, “We believe that it is important to maintain corporate finance flexibility.” He also said, “The prospectus is intended to help facilitate Allon’s ability to efficiently access the capital markets, including in the event that the davunetide clinical trial is successful.”
The shelf prospectus, when made final, will enable the company to offer up to $50 million of common shares, common share purchase warrants, units consisting of common shares and whole or partial common share purchase warrants, preferred shares, and debt securities.
The securities may be offered separately or in amounts at prices and terms to be determined based on market conditions at the time of sale.
Allon Therapeutics Inc is a clinical-stage biotechnology company focused on bringing to market innovative central nervous system therapies. Its lead drug dravunetide is proceeding in a pivotal clinical trial in an orphan indication, progressive supranuclear palsy under a Special Protocol Assessment with U.S. Food and Drug Administration.
The trial is complete and on track to analyse the data and release top-line results during the second half of December 2012.
This pivotal trial is based on statistically significant human efficiency demonstrated in patients with amnestic mild congnitive impairment, cognitive impairment, associated with schizophrenia and in positive biomarker data.