Amplia Therapeutics (ASX:ATX) is undertaking a placement, director placement and entitlement offer to raise up to $13 million, with interim data from the ACCENT trial supporting its continuation.
The company said up to approximately 113.2 million new shares will be issued under the capital raise, representing approximately 41.2 per cent of the current number of its shares on issue. It said it will also issue up to approximately 84.9 million attaching options.
The offer price per new share is $0.115, representing a significant discount to the last closing.
Amplia said the funds raised will support the completion of the ACCENT trial of its lead compound, narmafotinib, in pancreatic cancer. It will undertake a clinical trial in the US of narmafotinib in combination with FOLFIRINOX in pancreatic cancer and general administrative and working capital.
The company said all directors have committed to subscribe for new shares.
Eligible retail shareholders with a registered address in Australia or New Zealand as of the record date can exercise their entitlement to new shares at the offer price on the terms and conditions set out in the prospectus.
The company also reported interim data analysis from the ACCENT trial.
The trial is investigating the combination of the Amplia's narmafotinib with the standard-of-care chemotherapy regimen of gemcitabine and Abraxane. The company said narmafotinib continues to be generally well tolerated by patients with no dose reductions. In addition, six patients recorded confirmed partial responses, meaning there is at least a 30 per cent decrease in the overall size of tumour lesions, with no new tumour lesions, sustained for two or more months.