Clinical-stage oncology company developing personalised therapies Prescient Therapeutics (ASX:PTX) has announced a Share Purchase Plan (SPP) targeting to raise $8 million.
The company said the funds raised will be used to progress its pipeline of cancer therapies, namely the ongoing clinical development of its targeted therapies PTX-100 and PTX-200, and progressing its cell therapies towards and into first-inhuman clinical studies.
The funds will also go towards general working capital and costs of the offer.
Under the SPP, new fully paid ordinary shares will be issued at $0.175 per share, equivalent to a 14.6 per cent discount to the volume weighted average price (VWAP) over the five trading days before the date it was announced.
According to CEO and managing director Steven Yatomi-Clarke, “The last couple of years in particular have been a period of incredible growth and progress for Prescient, and the Company is seeking to maintain this momentum and its position at the forefront of oncology innovation. The Prescient Board acknowledges, values 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. Prescient continues to build out a diverse and innovative pipeline of personalised therapies for cancer.”