Prescient Therapeutics Ltd (ASX:PTX) has brought in AS$8.76 million thanks to a share purchase plan (SPP) — well above the A$8 million target thanks to strong investor demand.
The SPP bolsters Prescient’s cash balance, which will be used to progress the company’s deep pipeline of innovative 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. Shares are scheduled for allotment on Tuesday, October 11.
Wholesale placement
In tandem with the SPP results announcement, Prescient has entered a trading halt ahead of a top-up placement, which will accommodate the high demand.
This will allow wholesale investors who want to pick up more than A$30,000 worth of Prescient shares to request a greater allocation.
Shareholders who are interested in participating can apply here.
The company will use part of its 7.1A placement capacity to undertake this placement.
“Moving the needle for patients”
Prescient managing director and CEO Steven Yatomi-Clarke thanked Prescient shareholders for their strong support of the SPP.
“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.”