Chimeric Therapeutics (ASX:CHM) has announced it intends to conduct an equity raising via a two-for-three non-renounceable entitlement offer of new fully paid ordinary shares to raise approximately $10 million.
The company said the offer price for the Entitlement Offer will be $0.028 per share, which is a significant discount to the five-day volume weighted average price and the last traded price of Chimeric shares.
Under the Entitlement Offer, eligible shareholders will be able to subscribe for two new ordinary shares in Chimeric for every three existing shares held.
The company's board said it intends to use the proceeds of the offer to fund and continue the advancement of its drug development program with four ongoing clinical trials in cell therapy.