Prescient Therapeutics Ltd (ASX:PTX) has brought in another A$2.5 million in a top-up placement to cater for strong investor demand.
Late last week, the clinical-stage oncology company announced it had raised A$8.76 million in a share purchase plan (SPP) — well above its A$8 million raise target.
As a result, PTX launched a top-up placement, allowing wholesale investors who wanted to pick up more than the A$30,000 SPP limit.
The top-up was conducted at the same issue price of A17.5 cents per share, which represents a 5.4% discount to the last trading price.
Together with the SPP funds, Prescient has raised roughly A$11.3 million to develop its deep pipeline of cancer therapies.
At present, the clinical-stage oncology company is focused on bringing its targeted PTX-100 and PTX-200 drug candidates through the clinic, bringing them one step closer to first-in-human studies.
Funds raised will also cover costs associated with the offer and provide general working capital.
“Moving the needle for patients”
Speaking to the strong investor demand last Friday, Prescient managing director and CEO Steven Yatomi-Clarke thanked Prescient shareholders for their support.
“It is a significant achievement to exceed our target amidst challenging market conditions,” he explained.
“It is a testament to the shared vision of shareholders and the company to develop innovative cancer therapies that can really move the needle for patients by overcoming obstacles confronting the field.
“With a further strengthened balance sheet, Prescient is able to maintain its impressive development momentum, deploying these funds astutely for the benefit of patients and shareholders alike.”