Chimeric Therapeutics launches capital raising

Chimeric Therapeutics (ASX:CHM) has announced a prospectus for capital raising. The company aims to secure approximately $5 million through new shares and options. The funds will support ongoing clinical trials and manufacturing for their cell therapy products targeting cancer.

Overview of Chimeric's capital raising strategy

Chimeric Therapeutics (ASX:CHM) has released a prospectus detailing a capital raising initiative involving the issuance of new shares and options, targeting a total of $5 million. The offer includes a placement to sophisticated and professional investors, alongside a specific offer to Executive Chairman Paul Hopper. The raised funds will be allocated towards the development and clinical trials of cell therapy products CHM 1101 and CHM 2101, manufacturing operations, and general working capital. The management team, with over 40 years of cell therapy development experience, is poised to advance these innovative treatments. Key dates include the prospectus release on October 23, 2024, and an EGM for shareholder approval in December 2024, with the offer expected to close the same month.

Executive insights on capital raising

The funds raised will be crucial in advancing our clinical trials and manufacturing operations. This initiative reflects our commitment to developing innovative cancer therapies.