PYC Therapeutics Ltd Looks To Raise $75m To Progress Drug Candidates

PYC Therapeutics Ltd (ASX: PYC) is raising $74.6 million via a 1-for-4 pro-rata accelerated non-renounceable entitlement offer pitched at $0.08 a share.

The clinical-stage drug development company is asking shareholders to acquire the new shares at a 5.9% discount to the last traded price.

Major shareholder Australian Land Pty Ltd which holds around 32.95% of PYC’s issued capital, has indicated that they intend to take up their full entitlement.

PYC is developing four first-in-class drug candidates in areas of unmet needs.

Proceeds from the raising will be allocated to fund the progression of the company’s pipeline of first-in-class drug candidates.

Drug candidates

  • First blinding eye disease drug candidate into mid and late-stage human trials.
  • Second blinding eye disease drug candidate into early and mid-stage human trials.
  • Polycystic kidney disease drug candidate into human trials.
  • Support the progression of the company’s Phelan-McDermid Syndrome drug program and drug discovery activities

RNA therapies

PYC is creating a new generation of RNA therapies to change the lives of patients with genetic diseases.

The therapies describe the use of RNA-based molecules to modulate biological pathways to cure a specific condition.

The company is an emerging leader in the field of precision RNA therapies for patients with severe diseases caused by insufficient expression of a single gene.

Its drug delivery platform enhances the potency of precision medicines within the rapidly growing and commercially proven RNA therapeutic class.

The company’s drug development programs target monogenic diseases. These are indications with the highest likelihood of success in clinical development.

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