Radiopharm Theranostics Ltd (ASX:RAD, OTC:RDPTF) has secured an investment of up to A$12.5 million from US institutional investor Lind Partners.
Under a share purchase agreement and a share subscription agreement, Lind will provide initial funding of A$1.5 million and total funding of up to A$12.5 million.
This consists of an initial A$1.2 million investment via the share subscription agreement, while an investment of up to A$11.3 million paid in monthly instalments of between A$50,000 and A$1 million over 12 months will be paid under the share purchase agreement, a staged private placement, with an initial instalment of A$300,000.
RAD’s ability to receive the full amount will be subject to shareholder approval.
Funds to support ongoing clinical trials
Radiopharm managing director Riccardo Canevari said: “We are pleased to have entered these arrangements with Lind and look forward to a mutually beneficial relationship. The funds will support our ongoing clinical trials programs.”
The clinical-stage radiotherapeutics company is developing a world-class platform of innovative radiopharmaceutical products for diagnostic and therapeutic applications in areas of high unmet medical need.
It has a pipeline of six distinct and highly differentiated platform technologies spanning peptides, small molecules and monoclonal antibodies for use in cancer, in pre-clinical and clinical stages of development from some of the world’s leading universities and institutes.
Lind Partners managing director Phillip Valliere said: “Lind is pleased to invest to support Radiopharm’s mission of becoming a recognised leader in radiopharmaceutical products for therapeutic and diagnostic applications.
"We are pleased that the board has chosen Lind as a financial partner to advance Radiopharm’s clinical and commercialization efforts.”
The Lind Partners manages institutional funds that are leaders in providing growth capital to small and mid-cap companies publicly traded in the US, Australia, Canada and the UK. Lind’s funds make direct investments ranging from US$1 to US$30 million, invest in syndicated equity placements and selectively buy on-market.
Since 2011 Lind has completed more than 200 direct investments totaling more than US$2 billion in transaction value, as flexible and supportive capital partners to investee companies.