Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) has secured firm commitments for a $2.3 million institutional placement, providing full funding for its newly announced clinical trial of lead oncology candidate HMBD-002 in acute myeloid leukaemia (AML) and myelodysplastic syndrome (MDS).
HMBD-002 is being developed as a potential treatment for cancer, with Percheron now focused on moving the program into its next clinical phase while maintaining funding for its broader development activities.
The placement was strongly supported by existing and new investors, with proceeds to be directed primarily toward the investigator-sponsored study being conducted with Vanderbilt Health in Nashville, Tennessee, as well as general working capital.
The Placement funds will be added to the recently received $700,000 Research and Development Tax Incentive rebate for the 2026 financial year, which has already strengthened PER's funding position as it advances lead oncology asset HMBD-002.
“This transaction fully funds the recently announced clinical trial in AML that is to be performed by Vanderbilt Health. We are very grateful to the participating investors, existing and new, for their support, which has allowed us to execute a strongly supported placement at a premium to the 15-day volume weighted average price of the Company’s shares prior to the trading halt on 28 August 2026," Percheron Therapeutics chair, Dr Charmaine Gittleson said.
"We look forward to working closely with the Vanderbilt team to expedite commencement of the study and will aim to provide regular updates as it moves towards starting recruitment.”
Placement completed at premium
Percheron will issue new shares at $0.005 each, representing an 8.9% premium to the company's 15-day volume-weighted average price before its August 28 trading halt.
Investors will also receive one free-attaching option for every two new shares subscribed, with the options carrying a $0.01 exercise price and expiring on April 15, 2028.
The raising comprises an initial tranche of 300 million shares, while further share and option issues under tranches two and three remain subject to shareholder approval at Percheron's annual general meeting on October 7.
Chair Dr Charmaine Gittleson said the transaction fully funded the AML trial and would allow Percheron to work with Vanderbilt to accelerate study commencement and move toward patient recruitment.
Vanderbilt trial targets AML and MDS
Percheron entered into a clinical trial agreement with Vanderbilt Health in August to evaluate HMBD-002 in patients with AML and MDS.
The trial represents the next stage of development for HMBD-002, a monoclonal antibody targeting VISTA, an immune checkpoint regulator that may play a role in suppressing anti-tumour immune responses.
The first tranche of placement shares is expected to commence trading on September 8, with the remaining shares and options expected to be issued around October 15 following shareholder approval.