- PharmAust, a clinical stage oncology company, has received commitments to raise a $2.4 million placement
- Proceeds will be used to accelerate human clinical trials of monepantel, the company’s lead drug candidate, and to strengthen working capital
- Monepantel (MPL) is a novel, potent and safe inhibitor of the mTOR pathway – a key driver of cancer
- A Phase II trial on dogs with lymphoma commenced last month
PharmAust has received commitments to raise a $2.4 million placement.
Funds were raised via a placement of approximately 20 million fully paid ordinary shares at $0.12 cents per share. This represents a discount of 7.5 per cent to the 30-day VWAP of $0.1293 cents per share.
The placement was granted primarily to Australian and Singaporean fund management institution. Remaining shares went to Australian sophisticated investors.
“We are delighted with the outcome to the placement, which has secured interest from new investors who recognise the value in the company. Proceeds will be used to accelerate human clinical trials of monepantel, the company’s lead drug candidate, and strengthen working capital,” PharmAust Executive Chairman Dr Roger Aston said.
Monepantel (MPL) is a novel, potent and safe inhibitor of the mTOR pathway – a key driver of cancer. MPL has been evaluated in Phase 1 clinical trials in humans and dogs.
Primarily, trialling of MPL has focused on canine patients. On July 15 2019, the company received ethics approval to begin the Phase II trial on dogs.
Just recently, on September 9, PharmAust commenced the Phase II trial for dogs with lymphoma.
JP Equity Partners acted as lead manager to the placement.