Patrys Limited (ASX: PAB) has raised a further $925,000 from the placement of 18.5 million shortfall shares, adding to the $1.3 million it had raised from a previous shortfall placement.
The company had initially 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.
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.
Patrys continues to work with Azure Capital and BBY Ltd on the placement of the remaining 101,434,297 shares.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.