Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) advanced preparations to return its lead cancer drug HMBD-002 to the clinic during the June 2026 quarter, completing manufacture of a new drug substance batch, raising $2.2 million and presenting supporting data at two major international oncology conferences.
The biotechnology company expects the newly manufactured material to be filled into vials and released for use in a new clinical trial in September 2026, supporting its plan to restart clinical development during the second half of the year.
Percheron finished the quarter with $4.05 million in cash, up from $3.10 million at the end of March, following completion of its entitlement offer.
New drug batch supports clinical restart
Percheron received a completed Certificate of Analysis for a new batch of HMBD-002 drug substance during June.
The company will now arrange for the material to be placed into vials, with the finished product expected to be released in September.
HMBD-002 is a monoclonal antibody targeting VISTA, an immune checkpoint regulator associated with the suppression of anti-tumour immune responses.
The program has already completed a Phase 1 clinical trial involving 48 patients with advanced cancer across six US cancer centres.
The study found HMBD-002 was generally safe and well tolerated as a monotherapy and in combination with Keytruda, or pembrolizumab, while several patients showed signs of potential clinical benefit.
HMBD-002 receives provisional drug name
The World Health Organization selected minperstobart as the provisional international non-proprietary name for HMBD-002 during the quarter.
Subject to the WHO confirmation process, the name is expected to be finalised in the second half of 2027.
The designation marks HMBD-002’s transition from an early-stage development code toward a formal drug name as Percheron prepares the asset for mid-stage clinical development.
Percheron chief executive officer Dr James Garner said the company’s primary focus remained returning the drug to the clinic in the second half of 2026.
“Our primary focus continues to be on returning HMBD-002 to the clinic during the second half of the year,” he said.
Data presented at leading oncology conferences
Percheron presented HMBD-002 data at the American Association for Cancer Research annual meeting in San Diego and the American Society of Clinical Oncology annual meeting in Chicago.
At AACR, the company presented a summary of the Phase 1 study in patients with advanced cancer.
Percheron also presented preclinical work undertaken with QIMR Berghofer examining patterns of VISTA expression in patients with triple-negative breast cancer.
The research is intended to help inform the design of a future clinical trial in that indication and was led by Professor Sudha Rao, an expert in cancer immunotherapy.
Garner said the data had received a positive response from clinicians, researchers and potential future partners attending the conferences.
“The feedback we have received has been extremely helpful in shaping the future trajectory of the program,” he said.
Entitlement offer raises $2.2 million
Percheron raised about $2.2 million before costs through a non-renounceable entitlement offer conducted across March and April.
Eligible shareholders could subscribe for two new shares for every five shares held at $0.005 per share, with every two shares accompanied by one unlisted option exercisable at $0.01.
A total of 376 eligible holdings participated, while most of the shortfall was placed with new sophisticated and institutional investors.
The proceeds will be used to progress HMBD-002 into its planned clinical trial and provide additional working capital.
Cash position strengthened
Percheron recorded net operating cash outflows of $1.05 million during the quarter, including $426,000 in research and development expenditure.
The company reported $4.05 million in cash at June 30 and total available funding of $4.09 million, including an undrawn $40,000 credit card facility.
Based on the quarter’s operating expenditure, Percheron reported an estimated funding runway of 3.9 quarters, although it noted that the calculation assumes expenditure remains broadly consistent between quarters.
About Percheron Therapeutics
Percheron Therapeutics is an international biotechnology company developing novel treatments for oncology and rare diseases.
Its lead asset, HMBD-002, or provisionally minperstobart, is a monoclonal antibody targeting VISTA.
The company is preparing to begin further clinical development of the drug during 2026, supported by the recently completed manufacturing campaign, its strengthened cash position and data generated through the Phase 1 and preclinical programs.