Patrys Raises $308K, Holds $742K Cash, Plans $1.77M Entitlement Offer
Patrys Limited has completed a modest capital raise and restructured its leadership as it advances its deoxymab antibody program, with a larger entitlement offer announced to fund clinical development and business growth.
- Completed $308,362 capital raise with new share placement
- Board and management restructuring including new Chair and director appointments
- Active pursuit of partnering and licensing for deoxymab assets, especially PAT-DX3
- Cash balance of $742,000 plus expected $790,000 R&D tax refund in H2 2025
- Announced fully underwritten $1.774 million entitlement offer post-quarter
Capital Raise and Leadership Changes
Patrys Limited (ASX, PAB), a Melbourne-based biotech focused on therapeutic antibodies, has successfully completed a $308,362 capital raise during the quarter ended 30 June 2025. This funding round involved a placement of new shares and attaching options, aimed at supporting ongoing business development and working capital needs. Alongside this, the company undertook a significant board and management restructuring. Notably, Dr. Gittleson and Dr. Klein stepped down from the board, replaced by Mr. Peter Christie as Non-Executive Chair and Dr. Anton Uvarov as Non-Executive Director. Meanwhile, Dr. Campbell transitioned from CEO to a Non-Executive Director role following redundancy.
Strategic Focus on Deoxymab and PAT-DX3
Patrys continues to advance its deoxymab platform, particularly the PAT-DX3 candidate, which is being evaluated for inflammatory disease therapy due to its ability to inhibit NETosis, a key pathological process. While the company acknowledges the technical feasibility and potential for a faster, cost-effective clinical development pathway compared to cancer indications, capital constraints have shifted the focus toward out-licensing opportunities. Discussions with multiple third parties interested in NETosis-targeting therapeutics are ongoing, reflecting Patrys’ strategic pivot to leverage partnerships for development and commercialisation.
Financial Position and Outlook
As of 30 June 2025, Patrys held $742,000 in cash, supplemented by an expected R&D Tax Incentive refund of approximately $790,000 due in the second half of the year. Operational cash outflows were $388,000 for the quarter, with R&D expenditure notably low at $22,000, reflecting a temporary scaling back of internal development activities. The company anticipates lower ongoing R&D costs but flagged one-off expenses related to workforce reductions in the upcoming September quarter.
Entitlement Offer to Fuel Next Phase
In a key post-quarter development, Patrys announced a fully underwritten non-renounceable entitlement offer to raise approximately $1.774 million. This capital injection is designed to fund the clinical evaluation of PAT-DX3, support business development efforts including new asset evaluations, and cover general operating and compliance costs. The successful execution of this offer will be critical to sustaining momentum and delivering on the company’s strategic objectives.
Looking Ahead
Patrys’ recent moves underscore a company in transition; balancing prudent capital management with strategic repositioning to unlock value from its innovative antibody platform. The leadership changes, coupled with a sharpened focus on partnering and licensing, suggest a more collaborative approach to development. Investors will be watching closely to see how the entitlement offer proceeds and whether the company can secure meaningful partnerships to advance PAT-DX3 and other pipeline assets.
Bottom Line?
Patrys’ upcoming entitlement offer and partnership talks will be pivotal in shaping its clinical and commercial trajectory.
Questions in the middle?
- What progress will Patrys make in securing licensing or partnering deals for PAT-DX3?
- How will the new board and management influence the company’s strategic direction?
- What impact will workforce reductions have on operational capacity and R&D momentum?
