PYC Therapeutics (ASX:PYC) has raised $91 million from the institutional component of the entitlement offer to raise up to approximately $146 million.
The company announced the offer earlier this week. It said the institutional entitlement offer was fully subscribed.
The retail component of the offer is expected to raise a further $55 million.
CEO Dr Rohan Hockings said, “This Entitlement Offer has created an opportunity for the company to generate human safety and efficacy data for multiple drug candidates with category-leading potential in areas of major unmet patient need. We look forward to updating the new and existing investors who supported the Offer through these read-outs in the coming 24 months.”
New Shares subscribed for under the institutional entitlement offer are expected to settle on 26 February 2025.