Prescient Therapeutics (ASX:PTX) has opened its share purchase plan to raise $7 million to advance PTX-100 through Phase 2 clinical development toward potential regulatory approval.
PTX-100 is a first-in-class compound with the ability to block a cancer growth enzyme known as geranylgeranyl transferase-1 (GGT-1). The compound has demonstrated safety and early clinical activity in a previous Phase 1 study and a recent basket study of haematological and solid malignancies. The US FDA has granted PTX-100 Orphan Drug Designation for all T Cell Lymphomas and Fast Track Designation for the treatment of adults with relapsed or refractory mycosis fungoides.
Prescient said that under the share purchase plan, new fully paid ordinary shares will be issued at $0.040 per share, equivalent to a 16.7 per cent discount to the volume weighted average price over the 15 trading days before the date the plan was announced, and a 9.1 per cent discount to the closing price on 30 June 2025. Registered shareholders have the opportunity to apply for up to $30,000 of new shares.