Prescient Therapeutics (ASX:PTX), an Australian biotechnology company developing personalised medicines for cancer, has announced that it has received commitments to raise over $7 million before costs by way of a share placement to professional and sophisticated investors.
The placement involved the issue of 128,110,611 fully paid ordinary shares at $0.055 per share. The placement was held immediately following completion of a share placement plan (SPP).
The company said the placement and SPP have raised a combined $13.5 million before costs.
Prescient CEO and managing director Steven Yatomi-Clarke said, "We are delighted by the strong response to the Placement, which in part reflected the excess demand for the SPP. Both existing and new shareholders have shown that they share Prescient’s enthusiasm for its expanded pipeline of innovative cancer treatments.
“In addition to progressing targeted therapies and Cell Therapy Enhancement programs, these funds will also be applied towards the development of OmniCAR, a next generation CAR-T platform that aims to significantly broaden CAR-T’s addressable market, while overcoming many limitations of existing CAR-T therapies.
"These represent tremendous market opportunities. We welcome new shareholders as they join us on our journey to develop innovative and personalised cancer therapies.”