Antisense Therapeutics has announced an institutionally backed placement it says will accelerate the development of its immunomodulatory therapy, ATL1102, in patients with Duchenne Muscular Dystrophy (DMD).
DMD is an incurable muscle-wasting disease of children.
The placement to raise $1.6 million has been conducted via the issue of 48,484,848 shares at $0.033 per share. It was backed by the company’s major healthcare institutional shareholders Australian Ethical Investment and Platinum Asset Management.
XEC Partners has been appointed as Lead Manager for the Placement.
Antisense said the capital raised will be directed to accelerating development planning for ATL1102 including discussions with regulatory authorities, initially in Europe, on the design and conduct of the next clinical trial in DMD and on the development path for product registration.
It said it has received advice from consultants that it could conduct a phase 2b clinical trial in DMD patients in Europe based on the existing preclinical and clinical data generated in the development.
This regulatory process will run in parallel with the current study of ATL1102 in DMD patients at the Royal Children’s Hospital in Melbourne.
According to Mark Diamond, CEO of Antisense Therapeutics, “We welcome the ongoing support of our major shareholders in this capital raising and look forward to bringing forward regulatory interactions necessary to advance the next stages of development of ATL1102 in DMD. With the current trial due for completion in 4Q’19, we expect to be well positioned to move rapidly into the next phase of development.”