- Successfully received commitments for A$7.0m Placement
- Underwritten A$2.1m Non-Renounceable Rights Issue
- Company now fully funded for 18 months and for key data readouts
- New US and domestic institutional investors to join the share register
Melbourne, Australia (25 March 2019): Prescient Therapeutics Limited (ACN 006 569 106) (ASX: PTX), a clinical stage oncology company, is pleased to advise the successful completion of a $9.1m capital raising. The capital raising consists of a $7.0m Placement to Institutional and Sophisticated investors and a fully underwritten $2.1m 1-for-5 Non-Renounceable Rights Issue to existing shareholders.
The placement, largely to institutional investors, will involve the issue of approximately 140 million shares at $0.05 per share. In addition, the Company will issue one attaching option for every two listed Placement shares subscribed (exercisable at $0.0625; expiring 31 March 2023). The Placement will be undertaken in two tranches. The first tranche of approximately 35.3 million shares and 17.7 million attaching options) will be unconditional, with shareholders to approve the second tranche (of approximately 104.7 million shares and 52.3 million attaching options) at an Extraordinary General Meeting expected on or around 26 April 2019.
Bell Potter Securities Limited and Aurenda Partners Pty Ltd acted as Joint Lead Managers to the Placement. Roth Capital Partners, LLC acted as the US placement agent.
PTX also announces that it will offer existing shareholders the opportunity to participate on the same terms as the placement via a one for five non-renounceable rights issue, also at $0.05 per share with an attaching one for two option (exercisable at $0.0625; expiring 31 March 2023), to raise up to an additional an amount of approximately $2.1 million.
The Entitlement Offer is fully underwritten by Bell Potter Securities Limited.
PTX’s CEO, Steven Yatomi-Clarke said, “Prescient is delighted with the support from its existing shareholders, and is very pleased to welcome new shareholders to the Company, including new US and Australian institutional investors with particular expertise in life science investing. It is encouraging that such reputable investors recognize the quality of potential of Prescient’s programs. This funding will see the Company through to important milestones.”
PTX Chairman, Steven Engle said, “with this strong support and a much broadened investor base, Prescient strengthens its ability to progress its two exciting clinical stage oncology compounds.”
View full Raise & Announcement details here.
About Prescient Therapeutics (ASX: PTX, Prescient):
Prescient Therapeutics is developing drugs to treat a range of cancers with significant unmet need. Prescient has one of the deepest clinical pipelines on the ASX, with two drugs that turn off “master switches” that are known to drive cancer.
Exciting interim breast cancer data for PTX-200 has exhibited twice the effectiveness of standard therapy. A new transformative trial for PTX-100 will also soon commence.