Telix Pharmaceuticals (ASX:TLX) has raised $175 million it says will be used to fund the progression of its promising pipeline.
The company is focused on the development of diagnostic and therapeutic nuclear medicine products using Molecularly Targeted Radiation (MTR).
Its lead product, gallium-68 (68Ga) gozetotide, is an injection for prostate cancer imaging that has been approved by regulators in the US and Australia.
It said it will also use the funds raised to further expand its pipeline and capabilities around Targeted Alpha Therapy.
The $175 million placement to institutional investors, which was priced at $7.70 per share, will be followed by a share purchase plan to raise up to $25 million.
CEO Dr Christian Behrenbruch said, “We are delighted with the level of support for the Placement from new and existing investors. Funds raised under the Placement and SPP will provide the Company with the financial resources to execute on the next phase of Telix’s growth strategy, which is to advance our core therapeutic clinical programs, expand our commercial diagnostic portfolio and proactively seek out new innovations that will cement Telix’s position as a leader in the field of ‘theranostic’ radiopharmaceuticals.
“We are particularly pleased to attract high quality, specialist investors to the register and would like to welcome our new investors and thank our existing shareholders for their outstanding support.”