Melbourne-based Broadvector Limited (ASX: unlisted) is investing on the most common ailments of aging.

The biotechnology company is floating $8.5 million today after submitting a prospectus with the Australian Securities and Investments Commission. The investment proposal covers the clinical development of a new prostate cancer therapy and a second therapy to improve the longevity of hip replacements.

The demand for the two therapies is expected to rise strongly as baby boomers reach retirement age. Broadvector's twin technologies focuses on gene-directed enzyme therapies known as GDEPT.

The technologies will be used to treat early-to-mid stage prostate cancer. A decrease in the incidence of surgery and radiation side effects, such as incontinence and impotence, is expected with the new technologies. Broadvector has the exclusive worldwide license for the CSIRO-developed prostate cancer therapy.

According to Broadvector chief executive Andrew Bray, “'Broadvector has approval from the TGA and St Vincent's Hospital in Sydney to proceed with the Phase I clinical trial. We also have the big benefit of two eminent specialists in prostate cancer who will lead the trial.”

Moreover, worldwide rights to the new hip replacement technology have been obtained from the developers, three European-based international companies and a prestigious university in The Netherlands. Bray said, “'Our hip repair product is ready to proceed to a Phase IIa trial and has already been tested in clinical trials in Europe. This product has major points of difference and the potential to save many millions of dollars for health budgets.”

The pre-IPO market capitalisation of the biotech company is $16 million. A total of 42.5 million new shares are offered at 20 cents each. The offer opens Friday and closes on October 7 as the company prepares for the ASX listing on October 14.