- Prescient Therapeutics to raise ~A$6.5 million via SPP (underwritten to $4 million) to progress its clinical & pre-clinical programs along with general working capital and costs of the offer.
- SPP will be used to advance its clinical and pre-clinical programs in both targeted and cellular therapies for developing personalised cancer strategies.
- Recently, two Prescient assets selected by Doherty Institute for COVID-19 antiviral testing program.
Prescient Therapeutics (ASX:PTX), The ASX-listed biotechnology player developing targeted and personalised medicines for challenging cancers, announced a Share Purchase Plan (SPP) to raise nearly A$6.5 million. The Company intends to use this capital for progressing clinical and pre-clinical programs along with providing general working capital and costs of the offer.
Prescient Therapeutics has been gaining attention on the back of its outstanding June quarter during which it achieved significant milestones. The Company is developing cancer medicines by employing its cellular as well as targeted therapies; cellular therapies consist of CAR-T with OminCAR platform, and targeted therapies include two drug candidates PTX-200 and PTX-100.
During end-May, Prescient obtained two key licenses from the University of Pennsylvania and Oxford University for establishing innovative universal CAR Platform ‘OmniCAR’.
Key Details of Share Purchase Plan
The SPP is underwritten to A$4 million by Viriathus Capital Pty Ltd and was arranged by Cumulus Wealth Pty Ltd.
Under this Share Purchase Plan new fully paid ordinary shares will be issued at 5.5 cents per share, corresponding to a 15% discount to the VWAP (volume-weighted average price) over the ten trading days before the date of SPP announcement, and nearly 16% discount to the previous price.
Prescient will offer Eligible Shareholders who were registered shareholders on the record date (23 July 2020) the prospect to apply for up to A$30,000 of new fully paid ordinary shares in the Company under the SPP.
For more information on application form click here.
Key indicative dates for the SPP-
Utilisation of Funds
Prescient disclosed that the funds raised from the SPP would be employed for the progressing of its clinical and pre-clinical programs in both targeted as well as cellular therapies to develop personalised cancer strategies, general working capital including costs of the offer.
Moreover, the Company disclosed that participation in the SPP is entirely voluntary and all Shares issued under the SPP will rank equally with existing Shares and will carry similar voting rights and entitlement to receive distributions.
Under the SPP, no brokerage, commissions or other transaction costs will apply to purchases.
On this Prescient CEO and Managing Director, Steven Yatomi-Clarke stated-
Besides the SPP, on 21 July 2020, Prescient recently announced that two of its assets were selected for COVID-19 antiviral testing program by Doherty Institute on the basis of their potential antiviral properties.
Dodging the COVID-19 turmoil, Prescient’s first half of 2020 has been immensely exhilarating, initially by obtaining key licenses for next-generation immunotherapy platform ‘OmniCAR’, subsequently with two US patents for PTX-200, and recently by joining the race of developing COVID-19 treatment.
Moreover, the latest SPP activity strengthens the balance sheet of the Company, bolstering the development of its existing endeavors.
On 27 July 2020, PTX stock quoted at A$0.057 with A$26.02 million market capitalization.