- Clinical stage biotech company Hexima (HXL) enters a trading halt to plan a capital raise
- This came alongside a recap of HXL’s third quarter results and activities, which included beginning a phase 2b trial to test its lead product candidate for toenail fungal infections
- The quarterly has also shed light on HXL having just $1.2 million in cash and an estimated 1.3 quarters of funding to which it is addressing by raising further capital
- Hexima expects to reveal details of the capital raise when it comes out of the trading halt on November 1
- HXL last traded at 36.5 cents on October 27
Hexima (HXL) has entered a trading halt, so it can plan a capital raise.
The company hasn’t disclosed how much it will raise nor how it plans to spend the money, but these details should be revealed once it comes out of the trading halt on November 1.
The trading halt announcement was coupled with a quarterly report for the September quarter.
Hexima is a clinical-stage, anti-infectives-focused biotechnology company engaged in the research and development of defensin peptides for applications as human therapeutics.
Its lead product candidate is pezadeftide which is a potential new prescription treatment for toenail fungal infections (onychomycosis).
The company is currently undertaking a phase 2b clinical trial which is testing pezadeftide on onychomycosis. Results are expected in the second quarter of 2022.
During the September quarter, HXL burnt through $2.3 million which went towards research and development, and staff and admin costs.
The company ended the period with about $1.2 million in cash and an estimated 1.3 quarters left of available funding.
When asked if it plans to take any steps to raise cash, Hexima said it did intend to undertake a capital raise to fund operations.
HXL last traded at 36.5 cents on October 27.