Cambium Bio secures $10.9M funding package

• Cambium Bio secured an $10.9 million funding package combining a share placement and a pre-financing facility.
• The placement issue price of $0.48 per share.
• Capital will fund the pivotal Phase 3 clinical programme for Elate Ocular.

Cambium Bio (ASX:CMB) secured an $10.9 million funding package comprising a $7.1 share placement and a $3.8 million pre-financing facility.

The placement issue price of $0.48 per share.

Karolis Rosickas, CEO of Cambium Bio, commented, “This placement brings together continued support from our largest shareholder, ZYBT, and from Mr Wu, alongside new investment from Ms Wu and Ms Hsu, and reflects sustained confidence in Elate Ocular and our pivotal Phase 3 programme."

The company will issue 14,791,667 new fully paid ordinary shares across four tranches to existing strategic partners and new investors.

The capital will fund the pivotal Phase 3 trial for Elate Ocular in dry eye disease, Phase 3 manufacturing, regulatory processes, and general working capital.

Following the announcement the Cambium Bio share price was unchanged at $0.47.

Participants in the placement include largest shareholder Zheng Yang Biomedical Technology along with existing and new individual investors.

All placement tranches remain subject to shareholder approval at the annual general meeting expected in late November.