Percheron Therapeutics Announces Successful $13 Million Institutional Placement

Percheron Therapeutics Limited (ASX: PER), an innovative biotechnology company focused on developing treatments for rare diseases, has successfully raised $13.0 million through an institutional placement. This capital injection will support the advancement of its flagship drug, avicursen, which is currently undergoing a Phase IIb clinical trial for Duchenne Muscular Dystrophy (DMD).

Breakdown of Institutional Placement and Share Issuance

The institutional placement will see the issuance of 162.7 million new shares at a price of $0.08 per share, a 25.3% discount to the 30-day volume-weighted average price prior to the trading halt on October 16, 2024. The placement is structured in two tranches:

• Tranche 1: 135.2 million shares to raise $10.8 million under Listing Rule 7.1 Placement Capacity. These shares will be issued on or around October 24, 2024.
• Tranche 2: 27.5 million shares to raise $2.2 million, subject to shareholder approval at the Annual General Meeting on November 21, 2024, with issuance expected by November 27, 2024.

Institutional Support and Investor Interest

The placement attracted strong support from both existing and new institutional investors, reflecting confidence in Percheron’s progress and future prospects. "We are delighted to welcome new institutional holders," said Dr. Charmaine Gittleson, Chair of Percheron Therapeutics. "With the planned release of six-month data from the Phase IIb clinical trial of avicursen in December, this funding ensures we are well-positioned to complete the trial and focus on the potential impact of the data."

Use of Funds and Strategic Focus

The proceeds from the placement will be used to:

• Complete the Phase IIb clinical trial of avicursen.
• Optimize manufacturing processes.
• Protect R&D patents.
• Fund general working capital needs.

Percheron’s strategic focus on advancing its DMD treatment pipeline remains paramount, with this placement ensuring financial stability through the trial's final stages.

Upcoming Share Purchase Plan (SPP)

In addition to the institutional placement, Percheron Therapeutics plans to launch a Share Purchase Plan (SPP), capped at $2.0 million, for existing eligible shareholders. Details of the SPP will be announced shortly, subject to compliance with ASX Listing Rules.

Key Dates and Investor Timelines

The following dates outline the timeline for the institutional placement and SPP:

• Tranche 1 Settlement: October 23, 2024
• Tranche 1 Allotment and Trading: October 24, 2024
• Annual General Meeting: November 21, 2024
• Tranche 2 Settlement: November 26, 2024
• Tranche 2 Allotment and Trading: November 27, 2024

These timelines provide investors with clear guidance on the progression of the placement and the upcoming AGM vote to refresh the company's placement capacity.

Conclusion: A Bright Future for Percheron Therapeutics

This successful $13 million institutional placement represents a significant milestone for Percheron Therapeutics, ensuring the company is fully funded to complete its pivotal clinical trial and continue the development of avicursen. Investors and stakeholders can expect further updates as the trial progresses and as key data from the Phase IIb study is released later this year.

For further information about Percheron Therapeutics, please visit their website or contact the investor relations team.