Radiopharm Theranostics Ltd (ASX:RAD) has closed the books on the retail component of its fully underwritten retail entitlement offer, raising around A$1.2 million from shareholders along the way.
Investors will receive a collective 8.7 million new shares, priced at $0.14 each, as well as one free attaching option exercisable at $0.20 before November 30, 2026.
There are 23.4 million shortfall shares up for grabs and underwriter Bell Potter is set to buy them up as agreed in late October.
That means RAD will still walk away with around $4.5 million from the retail offer, establishing a funding runway until at least the end of 2023.
The retail component brings RAD’s near $10 million entitlement offer to a close, with the company’s institutional raise bringing A$5.5 million to the table.
RAD will use the funds to support its clinical pipeline, including three new platform technologies it’s acquired since its IPO.
Back in October, Radiopharm executive chair Paul Hopper said the company would have around A$36.9 million in cash post-raising.
“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,” he explained.
New shares and options will be allotted on Friday, November 25. Holding statements will be dispatched the following Monday, and trading will commence the same day.
Radiopharm’s directors thanked all shareholders for their continued support.