Chimeric Therapeutics Ltd (ASX:CHM) has opened the retail component of its rights offer, after raising about $7.37 million from the institutional component.
Retail shareholders have been invited to subscribe for one new share for every 3.15 existing Chimeric shares, at a price of $0.17 per new share.
Those shareholders participating in the rights issue will also receive a free option for each rights share taken up on the basis of one for one.
The options will have an exercise price of $0.255 and a term of 2 years.
When fully subscribed, the institutional and retail rights issues are expected to raise ~$18 million in total.
Proceeds from the rights issue will be used to continue the advancement of Chimeric’s development program which is expected to see the company with four Phase 1 clinical trials within the next 12 months, in one of the most promising areas of cancer research today, cell therapy.
Key dates
Last week, Chimeric initiated the first patient in the third dose level of the chlorotoxin CAR T (CLTX CAR T) phase 1 trial at the City of Hope, one of the largest cancer research and treatment organisations in the United States.
Notably, patients in this dose level will receive a total dose of 240 X 106CHM 1101 (CLTX CAR T) cells through dual routes of intratumoral and intraventricular administration.
Advancement to this dose level has come about rapidly following the completion of the second dose cohort without any dose-limiting toxicities in December 2021.