Sun Pharma Advanced Research Company Announces Rights Issue to Conduct Clinical Trial of Paclitaxel in US
Sun Pharma Advanced Research Company (SPARC), an India-based publicly listed pharma research company, has announced that it will issue additional shares to fund its clinical trials to be conducted in the US. SPARC plans to raise gross proceeds of up to $44.6 million from this rights issue to its existing shareholders. The company will utilize the raised funds to conduct the first phase of tests to study the safety and efficacy of Paclitaxel, a new form of cancer injection, in the US. Also, it intends to use a significant amount of the funds to repay its debts.
Paclitaxel is a cancer chemotherapy drug that is licensed to treat advanced stage of cancer of the ovary, breast and lung. SPARC aims to develop and test a new patient-friendly administration protocol for Paclitaxel, namely a Paclitaxel Injection Concentrate for Nano dispersion (PICN) that is safer, with a short infusion time and high-dose drug delivery to tumor tissues.