Prescient Therapeutics launches new share purchase plan

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Melbourne-based Prescient Therapeutics (ASX:PTX), a biotechnology company developing targeted and personalised medicines for cancer, has launched a $6.5 million capital raise.

The company said funds raised through its Share Purchase Plan (SPP) will be used to progress its clinical and preclinical programs along with general working capital and costs associated with the offer.

Prescient Therapeutics is developing PTX-100, a first-in-class drug, against several cancers where Ras and RhoA mutations are prevalent.

It said the SPP is underwritten to $4 million by Viriathus Capital and was arranged by Cumulus Wealth.

New fully paid ordinary shares will be issued under the SPP at 5.5 cents per share. This is equivalent to a 15 per cent discount to the volume-weighted average price over the ten trading days before the date the SPP was announced and a 16 per cent discount to the last price.

According to managing director Steven Yatomi-Clarke, “The Prescient Board acknowledges and thanks shareholders for their continued support of the Company. We are pleased to provide our shareholders with the opportunity to participate in this SPP by purchasing additional shares at a modestly discounted price without incurring brokerage or transaction costs. Funds raised will assist the Company to progress its clinical and pre-clinical programs along with providing general working capital.”