PYC Therapeutics announces the completion of institutional placement

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PYC Therapeutics (ASX:PYC) has announced the successful closure of the institutional component of the entitlement offer to raise up to approximately $74.6 million.

The company said the offer was fully subscribed, having received firm commitments for $40 million. It said the retail component of the offer could raise up to a further $34.6 million for a total of up to $74.6 million.

CEO Dr Rohan Hockings said, “These funds will enable PYC to generate critical human data in support of our pipeline of first-in-class drug candidates. Human data is the currency of our industry and we are grateful for the support of our shareholders as we move into this exciting window for the Company.”

The company said new shares subscribed for under the institutional offer are expected to settle on 25 March 2024.