Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) has launched a 2-for-5 non-renounceable entitlement offer to raise up to about $2.2 million before costs, with proceeds earmarked to advance its lead oncology asset HMBD-002, alongside working capital and offer costs.
The offer is priced at $0.005 per new share, representing about a 20% discount to the company’s 5-day volume weighted average price before announcement of the raising. For every two new shares subscribed for, eligible investors will also receive one free attaching option, exercisable at $0.01 and expiring two years from issue.
Any shares and options not taken up under the entitlement offer will be made available under a shortfall offer on the same terms. Shareholders who take up their full entitlement, as well as other investors at the directors’ discretion, may apply for additional shortfall securities, subject to scale-back arrangements outlined in the prospectus.
Funds to support phase II cancer study plans
The raising is intended primarily to support development of HMBD-002, its lead drug candidate targeting the immune checkpoint regulator VISTA. In October 2025, the company outlined plans for a multi-arm international phase II clinical trial of HMBD-002 across several cancer indications.
The study is designed to generate rapid data from an initial cohort of 20 to 30 patients in each arm, with only the most promising arms to move forward into further recruitment. Funds from the raising will also be directed to general working capital, including expenses associated with the entitlement and shortfall offers.
The offers are being lead managed by Blue Ocean Equities and Cygnet Capital and are not underwritten. Eligible shareholders are those registered on the record date with addresses in Australia and, subject to offer restrictions, New Zealand, Singapore, Hong Kong or the United Kingdom.
Key dates show the offer opens on March 24, 2026, and is scheduled to close at 5pm AEST on April 8, 2026, unless extended. Allotment of new shares and options is expected on April 15, with quotation of the new shares anticipated on April 16.
Percheron said all new shares issued under the offer, and any issued on exercise of the new options, will rank equally with existing shares from allotment.