- Radiopharm Theranostics (RAD) launches an entitlement offer to raise up to $10 million
- Eligible shareholders will be able to subscribe for one new RAD share for every 3.55 already held at 14 cents per share
- Participants will also be eligible for one new option for every new share issued, exercisable at 20 cents with expiry on November 30, 2026
- The news comes after the company yesterday announced “positive” phase two data in patients with brain metastases, in testing its F-18 Pivalate technology
- RAD shares last traded at 16.5 cents on October 13
Radiopharm Theranostics (RAD) is undertaking an entitlement offer to raise up to $10 million.
The equity raise is via an accelerated non-renounceable entitlement offer of new fully paid ordinary shares – with eligible shareholders able to subscribe for one new RAD share for every 3.55 already held.
The offer price of 14 cents for every new share represents a 12.2 per cent discount to the theoretical ex-rights price of 16 cents and a 15.2 per cent discount to RAD’s last trading price of 16.5 cents on October 12.
In addition, participants will also be eligible for one new option for every new share issued, with an exercise price of 20 cents per new option and exercisable before November 30, 2026.
The entitlement comprises two components – an institutional entitlement offer and a retail entitlement offer.
A large portion of the raise is set to be covered by two Executive Chairs. Paul Hopper intends to purchase $500,000 in entitlements, while fellow Chair, Riccardo Canevari, intends to purchase $170,000 worth.
The news comes after the company yesterday announced “positive” phase two data in patients with brain metastases, in testing its F-18 Pivalate technology.
“We are thrilled to have delivered a positive phase two trial readout in brain mets which has a significant unmet clinical need just 11 months since IPO,” Mr Paul Hopper said.
“Whilst the company has spent $2 million less than forecast in its IPO prospectus, it has
also acquired three exciting new platform technologies since IPO.
“Post raising, the company is expected to have $36.9 million of cash and we look forward to 2023 where we expect to have five phase one clinical trials underway and have progressed Pivalate into late-stage trials in the US, subject to the FDA approval.”
RAD shares last traded at 16.5 cents on October 13.