Sirtex Cover.proof 11 - School of Educators

Chairman’s Letter
Chairman’s Letter
17 July 2000
Dear Investor,
On behalf of the Board of Sirtex Medical, it is with pleasure that I invite you to become a shareholder
in the Company. Sirtex Medical was formed to commercialise a portfolio of three products relating
to the treatment of liver cancer and aims to become the world leader in liver cancer treatment products.
In addition, the Company’s third product is based on a new generic technology platform which may
develop into a treatment for other forms of cancer, as well as having other applications in medicine.
Sirtex Medical’s first product, SIR-Spheres ® , is a micro-particle that can be rendered radioactive.
Using procedures developed over many years, the micro-particles can be targeted to tumours within the
liver tissue. SIR-Spheres ® has been evaluated in Phase II and Phase III clinical trials in Australia, New
Zealand and Hong Kong. General marketing approval for sale of SIR-Spheres ® was granted for Australia
by the Therapeutic Goods Administration in 1998 and the Company is now pursuing registration
in all other relevant jurisdictions. In particular, Sirtex Medical has recently submitted a Pre-Market
Approval Application to the Food & Drug Administration of the US Department of Health and Human
Services for US marketing approval of SIR-Spheres ® .
Sirtex Medical’s second product, Dox-Spheres, involves the use of a patented matrix formulation to
transport anticancer drugs to the site of the cancer, where the matrix releases the active drug into the
cancer minimising the exposure of the normal tissues to the effects of the drug. The Company has
completed an initial Phase I/II clinical trial and will be undertaking further trials in the immediate future.
The Company’s third product, Thermo-Spheres, utilises the principle of targeted hyperthermia.
Hyperthermia is a technique for treating cancer in which the temperature of the tumour is raised by as
little as 5 o
C in order to destroy it. Hyperthermia is an effective concept for cancer therapy, but to date no
technology has ever been developed that could target heat to deeply situated tumours in patients with
advanced cancer.
Sirtex Medical has developed an innovative method for hyperthermia treatment of cancer using its
generic targeted micro-particle technology. Results from treating animals with liver cancer using this new
technique are outstanding and the Company is confident that targeted hyperthermia could become a
major new form of cancer treatment. In 1999 the Company embarked on a new development program
to extend the use of the technology to other forms of cancer. If these experiments prove successful it
should open up enormous potential for the management of many forms of cancer.
The Company’s product concepts have been developed over an eighteen year period under strict
confidentiality. The Company believes that it has the patent and trademark protection to safeguard its
intellectual property.
The Company is moving its head office from Perth to Sydney and has recruited a new executive team
with the experience and skill to market Sirtex Medical’s first product, SIR-Spheres ® .
The Company believes the unmet demand for effective treatment of liver cancer provides an
opportunity for Sirtex Medical’s products.
Sirtex Medical has decided to list on the ASX to raise the additional capital necessary to fund the
commercialisation of the Company’s products. In recognition of the value of its employees, Sirtex
Medical has also established an Employee Share Option Plan to help reward existing employees and
attract new qualified staff.
Under this Prospectus, Sirtex Medical is offering for subscription 15 million shares at an issue price
of $1.00 to raise $15 million. Upon listing on the ASX, Sirtex Medical will have a market capitalisation
of $54 million at the Offer Price.
On behalf of the Board of Sirtex Medical, I commend this Offer to you and look forward to
welcoming you as a shareholder in the Company.
Yours sincerely,
Dr. Chris Roberts
Chairman
M E D I C A L
Sirtex Medical Prospectus 2000
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