Argenica Therapeutics $12.0m placement announcement

Argenica Therapeutics Limited (ASX: $AGN) has successfully completed a $12.0 million placement, receiving binding commitments from institutional and sophisticated investors. The placement was strongly supported by large existing shareholders, new institutional investors, family offices, and sophisticated high-net-worth investors. Following the placement, the company is fully funded to complete its Phase 2 trial of ARG-007 in ischaemic stroke patients, as well as progress studies in its other neurological indications such as Traumatic Brain Injury, Alzheimer's disease, and Hypoxic Ischemic Encephalopathy.

Executive Commentary on Placement Success

Dr Liz Dallimore, Managing Director, expressed, 'We are thrilled with the support for the Placement and welcome a number of new highly credentialed investors to the register. On behalf of the Board, I would also like to thank many of our large and existing shareholders for their ongoing support. The success of the Placement confirms the market's support of advancing ARG-007 through the Phase 2 trial in ischaemic stroke patients. We look forward to providing further updates as we advance the Phase 2 trial, along with providing updates on the results of our preclinical work in other neurological indications.'

Summary of Argenica Therapeutics $12.0m placement

Argenica Therapeutics Limited (ASX: $AGN) has successfully completed a $12.0 million placement, securing funds to progress its Phase 2 trial of ARG-007 in ischaemic stroke patients. The placement attracted interest from a number of new and existing family offices, institutions, and high net worth investors, ensuring the company's full funding for its ongoing trials and studies in various neurological indications. The success of the placement reflects the market's confidence in Argenica's endeavors. Settlement of the placement is expected to occur on Friday, 19 April 2024, with issue and trading of placement shares expected to commence on Monday, 22 April 2024. Additionally, the company has agreed to issue options to its new Chair, Dianne Angus, as part of her remuneration package. Argenica is focused on developing novel therapeutics to reduce brain tissue death after stroke and other types of brain injury and neurodegenerative diseases to improve patient outcomes, with its lead neuroprotective peptide candidate, ARG-007, showing promising results in pre-clinical stroke models, traumatic brain injury, and hypoxic ischaemic encephalopathy. The company has completed a Phase 1 clinical trial in healthy human volunteers and has initiated a Phase 2 clinical trial in ischaemic stroke patients, while continuing to generate preclinical data in other neurological conditions, including in TBI, HIE, and Alzheimer's Disease.