Prescient Therapeutics completes $6M capital raise
- Prescient Therapeutics raised roughly $6 million through a share purchase plan and placement.
- The new shares were offered at $0.065 each, causing the stock to drop to $0.065.
- Proceeds will fund the continued clinical development of cancer therapy PTX-100.
Prescient Therapeutics (ASX:PTX) completed a $6 million capital raise to advance the clinical development of its target cancer therapy.
The company secured approximately $4.8 million from existing shareholders via a share purchase plan and an additional $1.2 million through a shortfall placement to professional investors.
“The raise is an important step forward, funding the progress of PTX-100 through Phase 2a,” said Prescient Therapeutics CEO James McDonnell.
New shares under both the placement and share purchase plans were issued at $0.065 per share, with allotment targeted for Sept. 30.
The fresh capital extends the company's funding runway beyond its scheduled December dose optimisation committee meeting.
Following the announcement, the Prescient Therapeutics share price was down at $0.065.
Prescient Therapeutics is an Australian clinical-stage oncology business focused on developing novel targeted cell therapies and treatments for hard-to-treat cancers.
The clinical pipeline centres around its flagship targeted therapy candidate PTX-100 alongside its proprietary OmniCAR cell therapy platform.
