Cancer drug development company Prescient Therapeutics (ASX:PTX) has raised A$1 million via a share placement, bringing the company’s total cash raising this month to almost $2 million.
The share placement – which follows quickly on a share purchase plan generating $927,421 – was completed at a price of A$0.054 per share.
Prescient stock was last trading at $0.06, or about 30% higher than at the start of the month.
The latest funds are expected to provide for efforts to achieve multiple milestones across Precient’s clinical programs over the next 12 to 18 months, including treatment trialling for acute myeloid leukaemia, breast cancer and ovarian cancer.
These programs are buoyed by existing strong relationships with highly respected U.S. cancer centres where Prescient trials are being conducted.
In addition, the programs are supported by significant grants from the U.S. Department of Defense and the U.S. National Cancer Institute.
Earlier this year, Prescient boosted its intellectual property with the grant of two U.S. patents to protect its PTX-200 – a drug candidate that inhibits an important tumour survival pathway known as AKT, which plays a key role in the development of many cancers.
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