Prescient Therapeutics Ltd (ASX:PTX) is seeking to raise up to $7 million through a Share Purchase Plan (SPP) to advance its first-in-class cancer treatment, PTX-100, through a key clinical development milestone and into its next stage.
The company will issue new shares at $0.065 each, representing an 18.8% discount to the 10-day volume-weighted average price before the announcement and a 9.7% discount to the last traded price. Eligible shareholders can apply for up to A$30,000 of new shares.
The raising follows what Prescient described as a year of strong operational delivery, including progress with its Phase 2a clinical trial.
Funds to drive PTX-100 development
The funding is designed to allow Prescient to progress PTX-100 beyond a Dose Optimisation Committee review targeted for the second half of calendar 2026.
That review represents an important checkpoint ahead of subsequent dose optimisation reviews and the next stage of development, with the broader program aiming, subject to clinical results, to move towards regulatory approval and wider patient access.
Part of the proceeds will also be allocated to general working capital, business development and portfolio management, potentially including the assessment of complementary pipeline opportunities, as well as costs associated with the offer.
Prescient has also reserved the right to undertake a follow-on placement to sophisticated and professional investors after completion of the SPP if demand warrants.
Share Purchase Plan timetable
The SPP is scheduled to open on August 26 and close at 5pm Sydney time on September 8, with results expected to be announced on September 14. Shares issued under the offer are expected to be allotted on September 15 and begin trading on September 16, subject to ASX Listing Rules.
Chief executive James McDonnell will also host a shareholder briefing on August 28 to discuss the raising, use of funds and participation process.
About Prescient Therapeutics
Prescient Therapeutics is a clinical-stage oncology company developing personalised cancer treatments through targeted therapies and cell therapy enhancement platforms.
Its lead targeted therapy, PTX-100, is designed to block geranylgeranyl transferase-1 (GGTase-1), an enzyme involved in cancer growth pathways. PTX-100 has previously demonstrated safety and early clinical activity and has completed a Phase 1b expansion cohort study in T-cell lymphomas.
The US Food and Drug Administration has granted PTX-100 Orphan Drug Designation for all T-cell lymphomas and Fast Track Designation for adults with relapsed or refractory mycosis fungoides. A Phase 2 study in cutaneous T-cell lymphoma is recruiting globally and is expected to enrol up to 40 patients in its Phase 2a component.