- Cancer treatment company Patrys (PAB) has entered a trading halt ahead of an upcoming capital raise
- No details have been released about how much the company intends to raise and what the funds will be used for
- Company shares will remain in a trading halt until Monday (November 9) or until further details about the capital raise are released to the market
- For the September quarter, the company spent $832,000 on operating activities and ended the period with just over $7 million in cash
- On the market, Patrys last traded for 2.1 cents per share on November 4
Patrys (PAB) has entered a trading halt ahead of an upcoming capital raise.
No details have been confirmed regarding how much the company aims to raise and what the funds will be used for.
Company shares will be paused until Monday (November 9) or when more details about the capital raise are released to the market.
Patry’s focus is the commercialisation of novel antibody therapeutics for oncology.
In October, the company landed an Australian patent for its Deoxymab 3E10 nanoparticle technology, this includes its flagship treatments PAT-DX1-NP. The cancer treatment is designed to bind DNA outside of the cells and then follow the DNA into the cancer cells.
Patry’s treatments, such as PAT-DX1, target tumours and cancer cells to stop the cells repairing themselves – so they eventually die.
For the September quarter, the company spent $832,000 on operating activities, with more than half of the cash going towards research and development. It ended the period with just over $7 million in cash.
In July, the company teamed up with Olivia Newton-John Cancer Research Institute (ONJCRI) and the La Trobe University School of Cancer Medicine, as well as, being awarded $50,000 from the Federal Government to support the program.
The program will investigate the ability of PAT-DX1 to identify and treat distant sites of breast cancer metastasis.
On the market, Patrys last traded for 2.1 cents per share on November 4.