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Highlights
- Chimeric Therapeutics (CHM) announces a $3.2 million entitlement offer.
- Funds to support ongoing clinical trials in neuroendocrine, colorectal, and blood cancers.
- Eligible shareholders offered new shares at a 16.7% discount with additional options.
Chimeric Therapeutics (ASX:CHM) has unveiled a non-renounceable entitlement offer aimed at raising approximately $3.2 million to fund the company’s ongoing clinical trials. This initiative provides eligible shareholders an opportunity to subscribe for two new fully paid ordinary shares for every five existing shares held, at an offer price of $0.005 per share. In addition to the new shares, investors will receive one new option for each share subscribed, carrying an exercise price of $0.008 and an expiry date set for December 19, 2025.
The entitlement offer is priced at a 16.7% discount to the theoretical ex-rights price, with an estimated issuance of approximately 638 million new shares. This initiative is designed to support the company’s research efforts in advancing breakthrough cell therapies.
Strategic Allocation of Funds
The proceeds from this capital raise will primarily be directed toward the continued development of the CHM CDH17 Phase 1/2 clinical trial, which focuses on treating neuroendocrine tumors, colorectal cancer, and gastric cancer. This innovative study is at the forefront of Chimeric Therapeutics' commitment to developing cell-based treatments that address aggressive forms of cancer.
Additionally, the funds will contribute to the CHM CORE-NK Phase 1B clinical trial, conducted in collaboration with Case Western University. This study is evaluating NK cell therapy combined with Vactosertib for patients with advanced colorectal and blood cancers. Beyond clinical research, a portion of the capital will be allocated to general working capital requirements and to cover costs associated with the entitlement offer.
Company Vision and Shareholder Support
As Chimeric Therapeutics pushes forward with these innovative therapies, CEO Dr. Rebecca McQualter expressed gratitude toward shareholders for their ongoing support. The company continues to focus on advancing its pipeline of novel cell therapies, which have the potential to bring life-changing treatments to patients battling complex cancers.
With the entitlement offer now in place, Chimeric Therapeutics is reinforcing its commitment to cutting-edge cancer research, positioning itself for further developments in the field of immunotherapy. The ongoing trials could play a key role in shaping the future of cell therapy and improving treatment outcomes for patients with limited options.
