In Australia, Vaccinoma will be offering 17 million shares a $1.00 each in an initial public offering (IPO) starting on May 4, 2006. The funds will be used to produce and prepare a melanoma cancer vaccine for Phase 3 clinical trials. Previous studies in the US show that the vaccine, which has been almost 15 years in the making, is safe and effective in extending the lifespan of late-stage cancer patients.

"This drug has been "de-risked", so to speak, because it has been under development for over ten years and had no safety issues in over 600 people.

So investors can get into a cycle of development that is near its end and that will appeal to them.

It means they can invest in a company that has a drug that could be very important to Australia, which is potentially not very far from getting approved."

In addition to the melanoma cancer vaccine, part of the funds will also be used to push the company's breast cancer vaccine into Phase 1 human trials.

Read the full report from The Age: Vaccinoma wants $17 million from IPO.