Radiopharm Theranostics has secured backing from institutional investors for a capital raising that will support the clinical-stage company in its development.
The company announced firm commitments for approximately $12.5 million through a two-part placement and a concurrent US direct registered offering, and launched a Share Purchase Plan for existing eligible shareholders to raise up to a further $6 million.
The placement comprises an Australian and international institutional placement totalling about $6.7 million through the issue of roughly 448.8 million new ordinary shares at A$0.015 per share, and a US direct registered offering of 1,281,646 American Depositary Shares (ADSs) at US$3.16 each.
Radiopharm said the proceeds will be used to prepare and ensure readiness to commence the RAD101 registrational Phase 3 study, complete dose escalation in the RAD204 program, advance RAD202, RAD402 and RV01 therapeutic programs, and support ongoing strategic partnering initiatives.
The capital raising is being followed by a Share Purchase Plan open to eligible shareholders, allowing applications up to $100,000 per shareholder and aiming to raise up to $6 million. The SPP Offer Price will be the lower of A$0.015 or a 2.5 per cent discount to the five-day VWAP leading to the SPP close, subject to rounding. Radiopharm said it has also secured commitments from investors to subscribe for up to A$3 million of any shortfall under the SPP.
Radiopharm’s Managing Director and CEO Riccardo Canevari said, “We are grateful for the strong support shown by both our existing and new investors. This capital raising follows an exciting period for the Company, highlighted by the successful achievement of the primary endpoint in our Phase IIb RAD101 trial. Together with our encouraging 204 program data, we believe these outcomes position Radiopharm for a transformational period as we advance RAD101 towards a registrational Phase III study, continue progressing our broader therapeutic pipeline and pursue strategic partnering opportunities.”
