Patrys raises $1.3m through shortfall issue

Patrys (ASX:PAB) has raised an extra $1.3 million through a shortfall placement of a rights issue completed last month.

The company has placed 25.5 million new shares at $0.05 per share to clients of rights issue lead managers Azure Capital and BBY Limited.

The new shares form part of an unallocated shortfall from a rights issue and share top-up offer which closed on 11 December. The company raised a total of $5.46 million before costs from the offer.

Under ASX listing rules, Patrys has three months from the date the rights issue closed to place any shortfall.

The company said it is working with Azure and BBY to place the remaining 119.9 million shortfall shares.

Patrys conducted the capital raising to secure the funds required to manufacture the GMP material for a trial of anti-cancer drug PAT-SM6 in combination with Onyx Pharmaceuticals’ carflizomib in patients with relapsed and refractory multiple myeloma.

Patrys and Onyx signed an agreement covering the combination trial late last year. The trial is being conducted at the University of Würzburg in Germany. As per the agreement, Onyx is funding the costs of the investigator-sponsored trial.

Patrys (ASX:PAB) shares were trading 4% lower at $0.048 as of around 1.30 pm on Friday.