PYC Therapeutics has received binding commitments for the full $74.6 million contemplated under the Accelerated Non-Renounceable Entitlement Offer (ANREO) announced on 14 March 2024.
The company said the funds raised will allow it to deliver multiple human safety and efficacy read-outs across its drug development pipeline throughout the next 18 months.
PYC Therapeutics is a clinical-stage biotechnology company developing a new RNA therapies to treat patients with genetic diseases.
It said it has raised $13.5 million through the completion of the retail component of the ANREO and will raise a further $21.2 million by placing the retail shortfall with selected institutional and sophisticated investors on or before 30 April. After completing this placement, PYC said it would have raised the full $74.6 million contemplated under the ANREO.
CEO Dr Rohan Hockings said, “Completion of the ANREO provides the Company with a strong platform from which to deliver the multiple upcoming human data read-outs for programs across the company’s pipeline beginning later this month. PYC is also delighted to welcome a number of new institutional investors on to the share register."