Chimeric Therapeutics, which is a clinical-stage drug development company focused on novel CAR T cell therapies for solid tumours, says its Initial Public Offering (IPO) has closed early due to significant oversubscription.
The company lodged a prospectus for an offer of up to 175 million shares to raise up to $35 million at an offer price of $0.20 per share on 23 November 2020. The company said the timetable set out in the prospectus currently remains unchanged, including the anticipated commencement of trade on the ASX of Monday 18 January 2021.
“We are extremely pleased with the overwhelming support and excited to share in the development and growth of the business with new and current investors as part of this IPO,” said executive chairman Paul Hopper.
“CLTX CAR-T is an extremely promising technology in an exciting area of immuno-oncology, and this IPO allows us to further develop the therapy, focusing initially on glioblastoma (brain cancer) with other cancers to follow.”
Chimeric is developing CAR-T cell therapies for solid tumours based on scientific research conducted by leading US CAR-T experts at the City of Hope (COH) Cancer Centre in Los Angeles.
Chimeric has acquired the exclusive global rights to develop and commercialise its chlorotoxin CLTX-CAR T technology developed by scientists Professors Christine Brown and Michael Barish.
The phase one clinical trial of the CLTX-CAR T technology is currently underway with two patients dosed since September 2020. Approximately 18 patients are expected to be a part of the open-label trial that is expected to be completed within 15-24 months.