Actinogen Medical has successfully completed a $16.8 million capital raising, combining a $12 million placement with a $4.8 million share purchase plan, to fund its pivotal Alzheimer’s disease trial and other 2026 initiatives.
- Total $16.8 million raised including $4.8 million via share purchase plan
- Proforma cash balance of $29.5 million as of December 2025
- Funding supports XanaMIA Phase 2b/3 Alzheimer’s trial completion by November 2026
- CEO and directors committed to further share subscriptions pending shareholder approval
- Open Label Extension study to commence in early 2026
Capital Raising Completes Successfully
Actinogen Medical Limited (ASX: ACW) has closed its latest capital raising round, securing a total of $16.8 million. This includes $12 million raised through a placement announced earlier in February, supplemented by $4.8 million raised via a share purchase plan (SPP) offered to existing shareholders. The SPP, priced at $0.042 per share, attracted strong participation, with approximately 114 million new shares to be issued imminently.
The company has opted not to place a small shortfall, indicating confidence in the level of shareholder support. CEO Dr Steven Gourlay and non-executive directors have also committed to subscribing for additional shares worth $667,000, subject to shareholder approval at an Extraordinary General Meeting scheduled for March 18, 2026.
Strengthened Financial Position to Support Clinical Milestones
With this capital injection, Actinogen’s proforma cash balance as of 31 December 2025 stands at $29.5 million. This financial runway is designed to underpin the company’s ambitious clinical program throughout 2026, including the commencement of an Open Label Extension (OLE) study and the completion of the pivotal XanaMIA Phase 2b/3 trial targeting Alzheimer’s disease.
The XanaMIA trial is a critical double-blind, placebo-controlled study involving 247 patients with mild to moderate Alzheimer’s disease, assessing the efficacy of Actinogen’s lead compound, Xanamem. The trial’s primary endpoint is the Clinical Dementia Rating scale – Sum of Boxes (CDR-SB), with topline results expected in November 2026. The OLE study, set to begin in the first quarter of 2026, will provide extended safety and efficacy data by offering active treatment to all participants.
Xanamem’s Potential and Strategic Outlook
Xanamem operates by inhibiting the enzyme 11β-HSD1, reducing elevated cortisol levels in the brain, a factor linked to cognitive decline and neurodegeneration. Previous trials, including a Phase 2a depression study, have demonstrated promising safety and efficacy signals, bolstering confidence in the compound’s mechanism.
Actinogen’s management emphasises that the fresh capital will enable the company to maintain momentum through key clinical milestones without immediate funding concerns. CFO Will Souter highlighted the extended cash runway as a significant achievement, allowing the company to focus on delivering data that could reshape treatment options for Alzheimer’s disease.
Looking Ahead
While the capital raising strengthens Actinogen’s position, the market will be watching closely for the upcoming shareholder vote on director share subscriptions and, more importantly, the results of the XanaMIA trial later this year. The outcomes will be pivotal in determining the company’s next phase of growth and potential regulatory pathways.
Bottom Line?
Actinogen’s fresh capital positions it well for a decisive year ahead, but clinical results will ultimately define its trajectory.
Questions in the middle?
- Will the shareholder vote approve the CEO and directors’ additional share subscriptions?
- How will the XanaMIA trial results impact Actinogen’s valuation and partnership opportunities?
- What are the company’s plans if the trial outcomes fall short of expectations?