Prescient Therapeutics (ASX:PTX), a clinical stage oncology company, has advised of the successful completion of an institutional placement to raise $7 million.
The placement, largely to life-science focused Australian institutional investors, will involve the issue of approximately 77.7 million shares at $0.09 per share with one attaching option for every two shares subscribed (exercisable at 18 cents - expiring 30 June 2018).
The placement will be undertaken in two tranches.
The first tranche of approximately 19.4 million shares will be unconditional, with shareholders to approve the second tranche, of approximately 58.3 million, and all attaching options.
The company also announced that it will offer existing shareholders the opportunity to participate on the same terms as the placement via a one for three non-renounceable rights issue, also at $0.09 per share with an attaching one for two option, to raise up to an additional $3.4 million.
Prescient CEO, Steven Yatomi-Clarke, said: “We are delighted with the caliber of investors we have attracted in this capital raising. They represent some of the most sophisticated biotech institutional investors in Australia today and reflect the fact that PTX has one of the most advanced and prospective clinical-stage pipelines on the ASX, with three Phase 1b/2 clinical trials in breast cancer, ovarian cancer and acute myeloid leukemia (AML) at prestigious US medical institutions.”
“This represents strong validation of the Company’s robust science and clinical programs and provides us with the resources to immediately move ahead with our promising Akt inhibitor for AML at Moffitt Cancer Centre in Florida. This is in addition to continuing our other Phase 1b/2 programs in ovarian and breast cancer,” said PTX Chairman, Steven Engle.
“We warmly welcome this outstanding group of investors as shareholders in PTX during a time of real operational momentum.”