Cancer-focused Australian biotech company Radiopharm Theranostics Ltd (ASX:RAD, OTC:RDPTF) has successfully navigated the shortfall of its recent entitlement offer.
On October 31, the company launched a non-renounceable entitlement offer, an initiative that allowed shareholders to subscribe for new shares at a rate of one for every 2.35 owned, priced at A$0.07 each.
Commitments secured
Radiopharm received applications amounting to roughly $2.1 million, representing a subscription for 30,197,244 new shares.
In response to this shortfall, the company secured commitments totalling around $1.7 million.
This will support the issuance of an additional 24,025,716 new shares, which will be available at the same price of $0.07 and will have equal standing with existing shares.
Radiopharm CEO Riccardo Canevari expressed gratitude to both existing and new investors for their support.
"We would like to thank our existing and incoming investors for their support of our programs, our pipeline and our team," Canevari said.
The company also provided an indicative timetable for the placement, from today’s announcement to the settlement of placement shares, scheduled for January 30, followed by the allotment on January 31.
Radiopharm has cautioned that this timetable is subject to change, in line with ASX Listing Rules and the Corporations Act.
About Radiopharm
Radiopharm Theranostics has emerged as a pioneering entity in the field of clinical-stage radiotherapeutics, specialising in the development of a platform of radiopharmaceutical products.
These products are tailored for diagnostic and therapeutic use, especially in areas where there is a significant need for medical advancements.
Since it launched on the ASX in November 2021, Radiopharm has developed an impressive array of technologies.
Its pipeline includes six distinct and innovative platform technologies such as peptides, small molecules and monoclonal antibodies.
These technologies are being developed for cancer treatment and are at various stages, ranging from pre-clinical to clinical trials, and are derived from leading universities and research institutes worldwide.
The company strategically focuses on technologies with the potential to be first in the market or the best in their category.
Its clinical program is particularly noteworthy, featuring one Phase 2 and three Phase 1 trials, addressing solid tumour cancers in the breast, kidney and brain.