Melbourne-based Telix Pharmaceuticals (ASX:TLX), a clinical-stage biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or 'molecularly-targeted radiation' (MTR), has announced the successful completion of an oversubscribed private placement to professional and sophisticated investors.
The company said the placement of 30.8 million new, fully paid ordinary shares at $1.30 per new share to raise $40 million before costs, is being made to new and existing investors.
The price represents a 9 per cent discount to the 10-day volume-weighted average price of shares on ASX as at close of trading on 12 July 2019.
The company said it will offer existing shareholders the opportunity to participate via a Share Purchase Plan to raise up to a further $5 million.
According to managing director and CEO, Dr Christian Behrenbruch, “We are pleased with the very positive investor response to this investment offering from both high-quality international funds and domestic fund managers. In addition to enabling the Company to continue to develop its clinical pipeline, our strengthened balance sheet puts Telix in the right financial position to engage with strategic partners for its various programs, as well as providing sufficient runway for the company through 2020 to support commercial launch of the prostate and renal cancer imaging programs.”
The company said the capital raised will be applied to its commercial and clinical programs, including completion of European clinical activity for TLX591-CDx, commercial-scale manufacturing and Biologics License Application (BLA) preparedness for TLX250-CDx (renal cancer imaging), commencement of phase 3 clinical activity in Australia for TLX591 and the commercial launch of TLX591-CDx (branded as illumetTM ) in the US.