Clinical stage cell therapy company Chimeric Therapeutics (ASX:CHM) has announced that it has received commitments from its board and management team to raise $1.04 million under a placement of new shares in the company.
The company said it also intends to undertake a share purchase plan (SPP) for eligible existing shareholders, raising up to a further $5.25 million.
Under the placement, Chimeric will issue 22,663,040 new full-paid ordinary shares in the company at $0.046 per share, which is equal to the last close price on 12 May 2023.
The company said the new funds will allow it to continue developing its portfolio of cell therapy programs.
Over the last six months, Chimeric has advanced the Phase 1A clinical trial for CLTX CAR T in Glioblastoma (GBM) to the final dose level, received ethics approval for initiation of the Phase 1B multi-site GBM clinical trial, completed the viral vector manufacturing for CDH17 CAR T and a positive FDA pre-IND interaction advancing CDH17 towards the clinic, and initiated the first ever NK combination trial with Vactosertib and our CORE-NK.
Chimeric's executive chairman Paul Hopper said, "I was pleased to be able to lead this placement backed by the support of my fellow directors and the Chimeric management team.
"The funds we're injecting into the business is an indicator of the confidence and potential we see in the technologies we've managed to bring into Chimeric, and we look forward to delivering data and milestones related to these in due course.
"We expect to imminently launch a Share Purchase Plan (SPP) for our fellow shareholders, proving an opportunity to participate at a discount to the board and management, and in anticipation of this, thank Chimeric's shareholders for their ongoing support."
