- Cyclopharm (CYC) has entered a trading halt ahead of a planned capital raise
- At this stage, it’s unclear how much will be raised or what the money will be used for
- However, Cyclopharm has said it will be in the form of a placement offered to institutional and sophisticated investors
- Last week, the healthcare stock announced its Technegas lung ventilation product is on track to receive U.S. FDA approval next quarter
- Cyclopharm will remain in the trading halt until Monday, January 25, unless details of the raise are announced earlier
- Company shares last traded at $2.94 on Wednesday, January 20
Cyclopharm (CYC) has entered a trading halt ahead of a planned capital raise.
Not much has been said about the capital raise, just that it will involve a placement of new shares to institutional and sophisticated investors.
The company will remain in the trading halt until the commencement of normal trading on Monday, January 25, unless details of the raise are released earlier.
Cyclopharm is a radiopharmaceutical company that specialises in lung health.
Last week, the company announced its Technegas product is on track to receive approval from the U.S. Food and Drug Administration (FDA) in the second quarter of this year.
More specifically, a pre-approval audit is scheduled for the week beginning on March 29, 2021.
Technegas is a lung ventilation imaging agent that is used during a medical imaging procedure to demonstrate a patient’s lung function.
Pleasingly, the product has seen immense support from the U.S. healthcare sector, particularly since mid-last year.
In June 2020, 77 U.S.-based physicians wrote to the U.S. FDA to request it accelerated a review of Technegas. Then in November, 90 physicians signed a letter urging Cyclopharm and the FDA to move quickly towards approval.
The urgency of these frontline healthcare workers has been fuelled by the rise in COVID-19 cases in the U.S. as the Technegas product is expected to be beneficial to analysing patients’ lung health.
Cyclopharm’s shares last traded at $2.94 on Wednesday, January 20.