Chimeric Therapeutics Limited (ASX:CHM) Announces $3.2 Million Entitlement Offer
Entitlement Offer Details
Chimeric Therapeutics Limited (ASX:CHM) is conducting a non-renounceable entitlement offer to raise approximately $3.2 million. Eligible shareholders can subscribe for two new fully paid ordinary shares for every five existing shares held at an offer price of $0.005 per share. Additionally, investors will receive one new option for each new share issued, with an exercise price of $0.008 and an expiry date of 19 December 2025. The offer represents a 16.7% discount to the theoretical ex-rights price and is expected to result in the issuance of approximately 638 million new shares.
Use of Funds
The funds raised will be allocated to the continued development of Chimeric’s CHM CDH17 Phase 1/2 clinical trial. This trial focuses on treating patients with neuroendocrine tumours, colorectal cancer, and gastric cancer. Additionally, funds will support the CHM CORE-NK Phase 1B clinical trial, a collaboration with Case Western University, which is assessing NK cells in combination with Vactosertib for advanced colorectal and blood cancers. Other allocations include general working capital and the costs associated with the entitlement offer.
Executive Comments
CEO Dr Rebecca McQualter stated, “I would like to thank our shareholders for their ongoing support to continue our innovative work to bring cell therapy to patients in need.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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