In a vote of confidence for the company’s clinical vision, Chimeric Therapeutics Ltd (ASX:CHM)’s board and management team will participate in a A$1.04 million placement to support its world-class suite of cell therapies.
The executives will chip in at A$0.046 cents per share, while a share purchase plan to raise up to A$5.25 million will entice eligible shareholders to increase their holding — either at 4 cents a pop or a 5% discount to CHM’s five-day volume-weighted average price, whichever is lower.
Chimeric executive chairman and biotech magnate Paul Hopper said C-suite backing for the raise showcased the quality of Chimeric’s pipeline.
“The funds we’re injecting into the business is an indicator of the confidence and potential we see in the technologies we’ve managed to bring into Chimeric, and we look forward to delivering data and milestones related to these in due course.
“We expect to imminently launch a share purchase plan for our fellow shareholders, proving an opportunity to participate at a discount to the board and management, and in anticipation of this, thank Chimeric’s shareholders for their ongoing support.”
Bringing promise of cell therapy to life
Over the last six months, Chimeric has been hard at work in the clinic, investigating the viability of multiple cell therapies as cancer-combatting candidates.
Chimeric’s point of difference is in its vision: rather than developing cell therapies that simply delay disease progression, the biotech is on a mission to create cancer-curing treatments.
To bring that promise to life for more patients, Chimeric’s team of cell therapy pioneers is focused on discovering, developing and commercialising the most innovative and promising cell therapies.
Some of its core activities include:
- Advancing its Phase 1A clinical trial for CLTX CART in glioblastoma to the final dose level;
- receiving ethics approval to begin its Phase 1B multisite glioblastoma clinical trial;
- completing viral vector manufacturing for CDH17 CART;
- notching a positive pre-Investigational New Drug interaction with the Food and Drug Administration (FDA), advancing CDH17 towards the clinic; and
- initiating the first-ever NK combination trial with Vactosertib and Chimeric’s CORE-NK candidate.
The fine print
Investment manager Bell Potter is building the book for Chimeric’s latest capital raise, which could bring in as much as A$6.3 million to support its cell therapy pipeline.
Any new shares issued during the raise will rank equally with securities on issue, and the company expects to release more than 22 million shares in the placement component.
Chimeric’s share purchase plan will close around three weeks from today on Friday, June 2, with an extraordinary general meeting to approve the director share issue expected later that month.