Radiopharm Theranostics Ltd (ASX:RAD) has successfully completed the institutional component of an accelerated non-renounceable entitlement offer, raising approximately $5.5 million at a price of $0.14 per share.
The company will now open the retail component of the raise, to raise a maximum of around $4.5 million.
Bell Potter Securities Limited has committed to fully underwrite the retail component, providing certainty that approximately $10 million will be raised under the offer.
This retail component of the entitlement offer will open on October 25, 2022.
Strong support
The Institutional Entitlement Offer was strongly supported by existing shareholders and new professional and sophisticated investors.
The company is expected to have five fully-funded Phase 1 clinical trials underway by the beginning of 2023, whilst progressing Pivalate into late-stage trials in the US.
Radiopharm has an exclusive worldwide licence for the Pivalate platform technology from Cancer Research Technology Limited and Imperial College London. The technology targets brain metastases and potentially other brain tumours.
The company has welcomed positive Phase 2a data from Imperial College London’s F-18 Pivalate technology.
Read more: Radiopharm Theranostics welcomes positive Phase 2 data for F-18 Pivalate in brain metastases trial
New platform technologies
“We are thrilled to have delivered a positive Phase 2 trial readout in brain mets which has a significant unmet clinical need just 11 months since IPO,” Radiopharm executive chairman, Paul Hopper said.
“Whilst the company has spent $2 million less than forecast in its IPO Prospectus it has also acquired three exciting new platform technologies since IPO.
"Post raising the company is expected to have $36.9 million of cash and we look forward to 2023 where we expect to have five Phase 1 clinical trials underway and have progressed Pivalate into late-stage trials in the US, subject to a positive Type C meeting with the FDA in early 2023.”