Amplia Therapeutics (ASX:ATX) has announced it will undertake a placement and entitlement offer to raise $12.4 million.
The company said the capital will be used to initiate a phase 2 clinical trial of its FAK inhibitor AMP945 in patients with pancreatic cancer.
The trial will test AMP945 in combination with a standard of care in first-line pancreatic cancer patients.
The capital raise consists of a placement to institutional and sophisticated investors to raise $5.4 million and a one-for-four fully underwritten pro-rata non-renounceable entitlement offer to raise $7 million.
The new shares issued under the placement and the entitlement offer are priced at $0.18 and will be offered with free attaching options on the basis of one for every three new shares issued. The options will have an exercise price of $0.28 and expire on 31 December 2023.