Patrys Limited (ASX: PAB) has raised $5.46 million to pay for the full cost of manufacturing of the GMP material for the investigator-sponsored trial of its lead anti-cancer drug PAT-SM6.
The trial is being sponsored by Onyx Pharmaceuticals, an Amgen subsidiary, in combination with Onyx’s carfilzomib, in patients with relapsed and refractory multiple myeloma.
Shareholders had subscribed for 92,040,192 shares priced at $0.05 each under the rights offer and 17,162,535 shares under the Share Top Up Offer to raise the funds.
The company will now place the shortfall of 145,434,297 over the next three months in conjunction with Azure Capital Ltd and BBY Ltd.
Studies have shown that four of eleven patients with end-stage, multi-resistant multiple myeloma have shown evidence of disease stabilisation during treatment with PAT-SM6.
Therapeutic options for such patients are usually limited to clinical trials and their median overall survival is around nine months.
All of the eleven evaluable patients tolerated PAT-SM6 well, without drug-related serious adverse events or dose-limiting toxicities.
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