$2.3 Million Placement Secures Funding for Percheron's AML Trial
Percheron Therapeutics has raised $2.3 million through an institutional placement to fully fund its upcoming acute myeloid leukemia clinical trial led by Vanderbilt Health.
- Institutional placement raises $2.3 million
- 300 million new shares issued at $0.005 each
- Up to 230 million options with $0.01 strike price
- Funds to cover AML clinical trial and working capital
- Shareholder approval required for tranches 2 and 3
Placement to Fund Vanderbilt-Led AML Trial
Percheron Therapeutics (ASX:PER) has secured $2.3 million through a heavily supported institutional placement to bankroll its investigator-sponsored clinical trial of HMBD-002 in acute myeloid leukemia (AML) and myelodysplastic syndrome (MDS). The trial, conducted by Vanderbilt Health in Nashville, Tennessee, aims to test Percheron's monoclonal antibody targeting the immune checkpoint regulator VISTA, with recruitment expected to start later this year.
The placement comprises 300 million new shares issued at $0.005 each, representing an 8.9% premium to the 15-day volume weighted average price before the recent trading halt. Alongside these shares, Percheron will issue up to 230 million new options exercisable at $0.01, doubling the last close price and expiring in April 2028. These options mirror terms from a March entitlement offer.
Tranche Structure and Shareholder Approval
The placement is split into three tranches. Tranche 1, involving 300 million shares and 150 million options, will proceed under existing placement capacity and is expected to settle by early September. Tranches 2 and 3, which include up to 138 million shares and 69 million options for unrelated investors, and up to 22 million shares and 11 million options for CEO Dr Michael Baker and related parties, require shareholder approval at the 7 October 2026 annual general meeting.
Percheron’s Chair, Dr Charmaine Gittleson, highlighted the significance of the placement, noting it fully funds the AML trial and reflects strong investor confidence. She emphasised the company’s commitment to working closely with Vanderbilt Health to expedite trial commencement and provide updates as recruitment progresses.
Capital Raising in Context of Clinical Progress
This capital raise follows Percheron's recent clinical developments, including the completion of a phase I trial demonstrating HMBD-002’s safety and tolerability. The company has been advancing towards a pivotal phase II trial, with the Vanderbilt-led study representing a critical step in that progression. Funds from the placement will also support general working capital needs amid ongoing trial preparations.
Joint lead managers Blue Ocean Equities and Cygnet Capital facilitated the placement, which attracted participation from both existing and new investors. The issuance of new shares will rank equally with existing ordinary shares, while the company plans to seek ASX quotation for the new options, subject to regulatory compliance.
Percheron’s strategy to secure funding ahead of clinical milestones aims to position the company to move swiftly as the AML trial advances, a move that may help maintain momentum in its oncology pipeline.
Bottom Line?
The placement injects essential capital for Percheron's AML trial, but investor attention will turn to shareholder approval outcomes and the trial’s progress in the coming months.
Questions in the middle?
- Will shareholder approval for tranches 2 and 3 be secured without complications?
- How quickly can Percheron and Vanderbilt Health initiate patient recruitment for the AML trial?
- What impact will the dilution from new shares and options have on Percheron’s share price post-issuance?
