Amplia Therapeutics’ Cancer-Fighting Approach Gains Momentum with $4.27M Underwritten Funding

Amplia Therapeutics Ltd (ASX:ATX) has received support in the market with a fully-underwritten raising of $4.27 million via the issue of 77.6 million shares at $0.055.

The raising is priced at a 35.3% discount to the last traded price.

Eligible shareholders will be able to subscribe for two new shares for every five shares held.

The offer is non-renounceable which means that entitlements are not transferable and cannot be traded on the ASX or transferred privately.

Lead manager Taylor Collison is the underwriter.

Amplia is currently focused on the clinical development of two highly-promising drug candidates targeting Focal Adhesion Kinase (FAK).

Director support

The directors of Amplia are providing strong support for the raising.

Managing director Dr Chris Burns has committed $33,400, Jane Bell $44,600 and Dr Robert Peach will subscribe for $150,000 of the general sub-underwriting in the offer, representing over four times his entitlement.

Importance of FAK

FAK is an increasingly important target in the field of cancer and Amplia has a particular development focus in fibrotic cancers such as pancreatic and ovarian cancer.

The FAK inhibitors have been described as a ‘heavy punch’ to cancer, showing promising potential when used in combination with existing ‘standard of care’ therapies in the treatment of solid cancers.

The company’s inhibitors affect both the cancer cells themselves and the surrounding tissue, making tumours more vulnerable and responsive to currently used, and developmental, treatments.

Amplia’s lead compound narmafotinib is the best-in-class FAK inhibitor in development.

Narmafotinib, also known as AMP945, is superior to the two other FAK inhibitors undergoing clinical testing.

FAK also plays a significant role in a number of chronic diseases, such as idiopathic pulmonary fibrosis (IPF).

Pancreatic cancer

Pancreatic cancer is a difficult to treat cancer, with a low survival rate, typically detected late in disease progression.

There were an estimated 4,500 diagnoses in Australia in 2023 and the estimated 5 year survival rate is 13%.

Amplia has demonstrated the efficacy of narmafotinib in preclinical models of pancreatic cancer and is now in a phase 2 clinical trial in advanced pancreatic cancer in Australia and South Korea.

The company has orphan drug designation and an open IND for a trial in pancreatic cancer from the U.S. Food and Drug Administration.

Ovarian cancer

Over 315,000 women develop ovarian cancer annually and high grade serous ovarian cancer (HGSOC) accounts for around 90% of cases.

HGSOC has poor prognosis with a 10-year survival rate of 15%.

Platinum-based chemotherapy is the standard-of-care treatment, however, nearly all recurrent HGSOC develop platinum-resistance limiting treatment options.

 

 

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