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Summary
- ASX-listed clinical-stage biotechnology company Prescient Therapeutics received firm commitments to raise approximately A$7.46 million via a share placement.
- Strongly supported A$7 million placement follows oversubscribed A$6.5 million SPP, have raised a combined A$13.5 million before costs.
- Prescient is suitably funded to advance its expanded pipeline of cell therapy and CAR-T, including targeted therapies PTX-100 and PTX-200.
On 26 August 2020, Prescient Therapeutics Limited (ASX:PTX) announced that it has received firm commitments to raise A$7,046,084 (before costs) by way of a share placement of 128,110,611 fully paid ordinary shares to professional as well as sophisticated investors.
The shares to be issued at a per-share price of A$0.055 (5.5 cents), being the same issue price as the recently completed SPP.
Strongly supported A$7 million placement follows oversubscribed A$6.5 million SPP, now the company has raised a combined A$13.5 million before costs. Following settlement of the Placement, Prescient will have more than A$20.3 million cash on hand.
Utilisation of Funds Raised from the Placement and SPP
The funds raised from the Placement and SPP will be used for the development of targeted therapies, Cell Therapy Enhancements, the development of next-generation CAR-T platform of Prescient- OmniCAR, working capital as well as costs of the offer.
Now, Prescient is appropriately funded to advance its expanded pipeline of cell therapy and CAR-T, including two targeted therapies PTX-100 and PTX-200.
Prescient CEO and Managing Director Steven Yatomi-Clarke stated that besides progressing targeted therapies & Cell Therapy Enhancement programs, the funds raised from the Placement and SPP would also be applied towards the development of a next-generation CAR-T platform- OmniCAR. The next-generation CAR-T platform intends to substantially expand the addressable market of CAR-T while conquering many constraints with the existing CAR-T therapies.
He also added-
Placement Details-
The Placement was managed by Prescient and shares will be issued on or around 28 August 2020 subject to receipt of funds on 27 August 2020. The Placement Shares will rank equally with existing fully paid shares of the Company.
Prescient will issue 128,110,611 shares utilising its placement capacity under Listing Rule 7.1 (76,866,367 shares) and 7.1A (51,244,245 shares). The Company is not utilising the temporary ASX facility of an additional 10% capacity under Listing Rule 7.1.
On 26 August 2020, PTX was trading at A$0.071 with a market capitalisation of approximately A$39.46 million at AEST 1:21 PM.
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