Cyclopharm (ASX:CYC) announced a capital raise totaling $16 million to accelerate the commercialisation of its flagship radiopharmaceutical product, Technegas, within the United States market.
The funding initiative is headlined by a $14 million institutional placement, which saw strong demand from both new and existing institutional and sophisticated investors.
Under the terms of the placement, the company will issue approximately 14.7 million new shares at a fixed price of $0.95 per share.
The placement is structured in two tranches: the first, consisting of roughly 9.5 million shares, is slated for issuance on Feb. 11, followed by a second tranche of 5.2 million shares on Feb. 25.
The strategic influx of capital is designed to provide the financial runway necessary for Cyclopharm to scale its operations and distribution networks in the competitive US healthcare landscape.
At the time of reporting, Cyclopharm’s share price was $0.96.