Clarity Pharmaceuticals announces $121 million equity raising

Clarity Pharmaceuticals (ASX: $CU6) has announced the launch of a fully underwritten equity raising of $121 million. The offer includes a $101 million institutional placement and a 1 for 33 pro-rata accelerated non-renounceable entitlement offer to eligible Clarity shareholders, aiming to raise approximately $20 million. Post completion of the offer, Clarity is expected to have a pro-forma cash balance of $153.2 million, net of offer costs, providing funding for its current clinical program through to early 2026.

Executive Commentary on Equity Raising

Clarity's Executive Chairperson, Dr Alan Taylor, expressed pride in the company's achievements and the potential to revolutionize the radiopharmaceuticals sector. The funding will support the development of their portfolio of radiopharmaceuticals, including the bisPSMA product, and progress in clinical trials for therapeutic and diagnostic products. Dr Taylor highlighted the exceptional progress in clinical development and the unique position of having a strong proprietary platform of products in radiopharmaceuticals for first commercial launch in the US.

Equity Raising Summary and Outlook

Clarity Pharmaceuticals' fully underwritten equity raising of $121 million will provide the company with a strengthened balance sheet and funding for its current clinical program through to early 2026. The funding will support the ongoing development of their portfolio of radiopharmaceuticals, including the bisPSMA product, and progress in clinical trials for therapeutic and diagnostic products. With a focus on improving treatment outcomes for cancer patients, Clarity Pharmaceuticals is well positioned to continue its important work and looks forward to the future with excitement.