PYC Therapeutics' pro-rata entitlement offer details

PYC Therapeutics Limited (ASX: $PYC) is conducting a 1 for 4 accelerated non-renounceable pro-rata entitlement offer of fully paid ordinary shares at $0.08 per New Share. The Retail Entitlement Offer closes at 5.00pm AWST Monday, 8 April 2024. The offer is intended to raise approximately A$74.6 million (before costs) and the proceeds will be used to progress drug candidates into human trials, support drug programs, and for general working capital.

Executive Commentary on PYC Therapeutics' Entitlement Offer

PYC Therapeutics is pleased to announce the launch of the pro-rata entitlement offer, aimed at raising funds to advance our drug development pipeline, particularly in conducting human trials for various drug candidates. This initiative aligns with our commitment to addressing severe unmet medical needs and creating treatment options for patients with rare diseases caused by a mutation in a single gene. We encourage eligible retail shareholders to carefully review the Retail Offer Booklet and consider seeking professional advice before making any investment decision.

Summary of PYC Therapeutics' Entitlement Offer

PYC Therapeutics Limited is conducting a pro-rata accelerated non-renounceable entitlement offer to raise approximately $74.6 million. The offer comprises an institutional component and a retail component, with major shareholder Australian Land Pty Ltd indicating its intention to take up its full entitlement. The proceeds from the equity raising will be used to fund the progression of the company's drug development pipeline, including human trials for various drug candidates. The company's proposed capital structure following the issue of new shares under the entitlement offer is also outlined. Additionally, the announcement provides details on the taxation implications, continuous disclosure obligations, and privacy considerations for shareholders participating in the offer. PYC's strategy involves delivering multiple human data catalysts over the next 24 months and creating treatment options for patients with severe diseases caused by insufficient expression of a single gene. The company has successfully completed the institutional component of the entitlement offer, raising $40 million, and is now funded through multiple important upcoming milestones across its drug development pipeline.