Cancer fighter Patrys raises $3.5m in over-subscribed placement
Special report: Biotech Patrys has raised $3.5 million in an over-subscribed placement to accelerate testing of its anti‐cancer therapy.
Patrys has been one of the best performing small cap ASX-listed biotechs over the past year following a number of breakthroughs.
The stock doubled in February after evidence showed its PAT-DX1 brain tumour treatment could cross the blood-brain barrier and reduce the size of a growth.
Earlier in September the shares quadrupled when the drug was shown to have killed brain cancer cells in the lab.
The latest over-subscribed fund raising was “indicative of strong investor interest in our efforts to develop anti‐cancer therapies based on the Deoxymab platform, which has created a novel position in the field of DNA damage repair antibody therapeutics,” said Patrys chief executive and mnaging director Dr James Campbell.
PAT-DX1 is a humanised and smaller version of deoxymab, a DNA damage repair antibody first identified in the inflammatory immune disorder lupus.
Deoxymab is particularly well suited for use in cancer therapy because it localises to tumours, not normal tissues.
The money will go towards accelerating the development of the Deoxymab platform through a range of new pre‐clinical studies planned as well as business development and insurance costs.
PAT-DX1 has been shown to be effective in pre-clinical work on colon cancer cells and breast cancer.
Patrys also believes PAT-DX1 may be relevant for melanomas, prostate, pancreatic and ovarian cancers.
The new shares were issued at 3.4c — a 10.5 per cent discount to the stock’s closing price on May 11.
Somers and Partners acted as lead manager on the placement.
This special report is brought to you by Patrys.
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