Percheron Therapeutics (ASX:PER) has strengthened its financial position with a $2.2 million capital raise, positioning the biotechnology company to advance its lead cancer therapy program.
The Melbourne-based company confirmed the successful completion of its entitlement offer, drawing strong backing from both existing shareholders and new investors eager to support the next phase of its work.
The offer, first announced in mid-March, allowed eligible shareholders to acquire additional shares at a discounted price, with free-attaching options. Any shortfall was subsequently made available to other investors, a move that ultimately led to the full allocation of new securities.
The company reported that approximately $0.8 million came from existing shareholders, while a further $1.4 million was secured from new participants, bringing the total to $2.2 million before costs.
Chair Dr Charmaine Gittleson emphasised the importance of this support as the company moves into a critical stage of development. “We are tremendously grateful for the support that the Entitlement Offer has received from shareholders,” she said. “In addition, we are delighted to welcome a number of new shareholders to the register. This capital raise leaves the Company very well positioned to move forward. We expect the proceeds of this transaction will enable us to make significant progress in the development of HMBD-002, where we are working towards a phase II trial in CY2026.”
Percheron’s lead candidate, HMBD 002, is a monoclonal antibody targeting the immune checkpoint regulator VISTA and has already completed a phase I trial in patients with advanced cancer, demonstrating a favourable safety profile.