Patrys raises $3.4m to fund product trials

Melbourne-based Patrys (ASX:PAB) has raised $3.4 million in new capital to fund the development of its prospective antibody-based cancer treatments.

Patrys has announced the allocation of 113.5 million new shares at $0.03 per share through an oversubscribed placement.

The funds will be used to fund trials of its products, including the final stages of a phase I trial for use of its PAT-SM6 product as a melanoma treatment.

The same product also the subject of a phase I/IIa clinical trial as a treatment for multiple myeloma – a type of bone marrow cancer.

Patrys also plans to use the windfall to help fund preclinical development of another antibody which has shown promise as a potential treatment for colon, lung, breast, ovarian and pancreatic cancers.

The company is also in the process of commercialising its most advanced product, gastric cancer treatment, PAT-SC1, and will use the placement funds to support business development and licensing activities.

Though Patrys' headquarters are in Melbourne, its main R&D centre is in Würzburg, Germany. The company was listed on the ASX in 2007.

Patrys (ASX:PAB) shares rose 8.11% in Monday's trading to $0.040. The stock price has generally been trending down since July.