PYC Therapeutics (ASX:PYC) has launched a "monster" $653 million equity raising aimed at propelling its rare genetic disease portfolio through 2030.
The capital injection represents nearly two-thirds of the company’s $933 million market valuation, with shares priced at $1.50—a 6.3% discount to Jan. 30’s close.
The raising is anchored by $560 million in binding commitments, bolstered by high-profile US life sciences investors including Perceptive Advisors and Rock Springs Capital.
The funding structure comprises a $128 million placement to new institutional investors and a $525 million rights issue for existing shareholders.
CEO Rohan Hockings stated the proceeds would provide a clear clinical runway for the next six years, funding human efficacy data across four key programs targeting Polycystic Kidney Disease, Phelan-McDermid Syndrome, and Retinitis Pigmentosa.
"We look forward to seeing the impact of these disease-modifying candidates in areas of major unmet patient need," Hockings noted.
This aggressive financial play marks a dramatic turnaround for Hockings, who just five months ago was briefly ousted following a boardroom dispute over corporate strategy.
That conflict led to the departure of two U.S. directors and the eventual appointment of former Woodside Energy chief Peter Coleman as chair.
With the board now aligned under Hockings’ vision, the company is pivoting from internal instability to a well-capitalized pursuit of regulatory approval, signaling a new era of stability and ambition for the Perth-based biotech.