QBiotics, a life sciences company developing novel small molecule anticancer and wound healing pharmaceuticals, has announced the completion of an $85 million capital raise.
The company said its board authorised and approved the issue and allotment of 13,888,872 Shares at a price of $0.90 per share to the subscribers under the Offer, effective Friday 25 June 2021.
This $85 million capital raise, which commenced in March, consisted of three parts,
- $50 million placement to cornerstone investors, global investment firm TDM Growth Partners in March 2021;
- $22.55 million placement to Existing Sophisticated Investor in April 2021; and,
- $12.5 million placement to Existing Shareholders completed on 25 June 2021.
The company said the raise will enable it to fund further human clinical development of the anticancer drug candidate tigilanol tiglate, expand the market for the anticancer veterinary pharmaceutical STELFONTA, support human and veterinary clinical development of QBiotics’ wound healing drug candidate EBC-1013, and strengthen the QBiotics team.
CEO and managing director, Dr Victoria Gordon, said, “We have been delighted with the support shown by our existing shareholders through this capital raise. Welcoming TDM Growth Partners as a cornerstone investor has met a major milestone for QBiotics and one which recognises the strong growth potential in the company.
"This funding underpins the next stage in QBiotics’ corporate evolution and supports a step-change in the pace at which our programmes can be brought forward.”