Patrys Raises $358K, Appoints New Chair and Director, Axes CEO Role
Patrys Limited has raised $358,362 through a share placement and announced significant board changes, including the appointment of Dr Anton Uvarov and Mr Peter Christie, alongside making the CEO role redundant.
- Capital raising of $358,362 via share placement with attaching options
- Appointment of Dr Anton Uvarov as non-executive director and Mr Peter Christie as Chair
- CEO role made redundant; Dr James Campbell to transition to non-executive director
- Plans for share consolidation and entitlement offer subject to shareholder approval
- Funds to support working capital and placement costs
Capital Raise and Placement Details
Patrys Limited (ASX, PAB), a Melbourne-based biotech company focused on its deoxymab antibody platform, has successfully secured commitments for a capital raise totaling approximately $358,362 before costs. This was achieved through a placement of over 358 million new shares priced at $0.001 each, accompanied by unlisted options exercisable at $0.0016 until November 2029. The placement was split into two tranches, the first raising $308,362 and the second involving a $50,000 commitment from incoming director Dr Anton Uvarov, both subject to shareholder approval for the options.
The funds raised will primarily support general working capital needs and cover the costs associated with the placement. CEO Dr James Campbell highlighted that the capital injection provides the company with operational leeway until the anticipated receipt of a Federal government R&D rebate expected in the second half of 2025. Additionally, Patrys is exploring complementary assets to accelerate progress through key value-creation milestones.
Board Renewal and Management Restructure
Concurrently, the company revealed the retirement of directors Dr Charmaine Gittleson and Dr Pamela M Klein, effective the same date. Most notably, the CEO position will be made redundant as part of a management review, with Dr Campbell accepting redundancy but remaining on the board as a non-executive director. This move signals a shift toward a leaner management structure, with the board assuming direct oversight of company operations.
Future Corporate Actions and Shareholder Engagement
Looking ahead, the new board is expected to propose a share consolidation, converting every 15 existing shares into one, aimed at creating a more attractive capital structure and share price for investors. This will be followed by an entitlement offer to raise additional capital from eligible shareholders in Australia and New Zealand, subject to shareholder approval. Details of these initiatives will be communicated once finalized.
RM Corporate Finance Pty Ltd is acting as lead manager for the placement, with fees structured to include commissions and advisory retainers, some of which may convert into shares or options pending shareholder consent. The company has scheduled a general meeting to seek approvals for the issuance of options and other placement-related securities.
Strategic Implications
Patrys’ capital raise and board renewal come at a pivotal time as it advances its deoxymab program and navigates the biotech sector’s competitive landscape. The management restructuring and fresh leadership could signal a strategic pivot or consolidation phase, aiming to streamline operations and enhance shareholder value. The planned share consolidation and entitlement offer suggest a focus on optimizing capital structure and funding future growth opportunities.
Bottom Line?
Patrys’ fresh capital and revamped leadership set the stage for a critical consolidation and growth phase, with shareholder approvals looming.
Questions in the middle?
- Will the shareholder meeting approve the issuance of new options and board appointments?
- How will the redundancy of the CEO role impact operational execution and strategic direction?
- What complementary assets is Patrys considering to accelerate its deoxymab program?
