Patrys raises $3.4m to fund product trials
Monday, 05 December, 2011
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.
Maternal diet doesn't affect baby's food allergy risk
Higher maternal consumption of egg and peanut during pregnancy and breastfeeding does not protect...
Overuse of inhalers can increase heart attack risk
Overuse of reliever inhalers is associated with higher risks of developing and dying from...
Unhealthy Western diet could accelerate cognitive decline
An unhealthy Western-style diet is associated with a faster cognitive decline in people with a...
