Patrys improves cash position in 1H14

A major capital raising helped Patrys (ASX:PAB) end 1H14 in its strongest cash position since 2008, with cash and term deposits of $10.3 million, the company’s half-year report shows.

Patrys raised $7 million through a 1-for-2 rights issue in November and December of 2013, and has received a further $2.2 million through shortfall placements linked to the offer.

The company’s net loss from ordinary activities grew 157.4% to $3.25 million, due to manufacturing and other costs associated with its clinical trial program. Revenue meanwhile declined 19.4% to $721,000.

During the six-month period, Patrys completed a phase I/IIa trial of anticancer antibody PAT-SM6 in multiple myeloma and also teamed up with Onyx Pharmaceuticals to conduct a trial of PAT-SM6 in combination with Onyx’s carfilzomib in relapsed and refractory multiple myeloma.

PAT-SM6 was also awarded orphan drug status for multiple myeloma in the US, having already achieved a similar designation in Europe.

The report states that the company’s capital raising has “provided a strong cash position with which to advance its clinical and preclinical program”.

Patrys (ASX:PAB) shares were trading unchanged at $0.043 as of around 1.30 pm on Thursday.