Starpharma has completed its fully underwritten $32 million entitlement offer, securing strong backing from existing shareholders as it prepares to advance its DEP HER2-Lutetium oncology program into first-in-human clinical testing.
The Melbourne-based company said the one-for-7.5 renounceable pro rata offer achieved an approximately 99 per cent take-up rate following its close on 4 August. Applications under the oversubscription facility totalled $5.4 million, with eligible shareholders set to receive the full amount of their additional applications.
Canaccord Genuity Australia, the offer’s underwriter, will subscribe for or procure subscriptions for the remaining $0.5 million of shortfall shares under the underwriting agreement.
A total of 56.1 million new shares are expected to be allotted on 11 August and will rank equally with the company’s existing ordinary shares. Net proceeds from the on-market sale of rights belonging to ineligible foreign shareholders are due to be distributed on 14 August.
Starpharma said the proceeds will fund the planned first-in-human and dose-escalation components of its Phase 1 study for DEP HER2-Lu, while also supporting the progression of further DEP oncology assets.
The capital raising follows a year in which the company said it had advanced its radiopharmaceutical and oncology pipeline, progressed strategic partnerships and strengthened its internal discovery activities. The company is seeking to build a higher-value portfolio of targeted oncology assets based on its dendrimer technology platform.
