SPP Raises Questions on Prescient’s Funding Needs Amid Clinical and Regulatory Risks
Prescient Therapeutics has opened a Share Purchase Plan to raise up to $7 million, offering shareholders discounted shares to fund the Phase 2 development of its targeted cancer therapy PTX-100.
- SPP aims to raise up to AUD 7 million at $0.04 per share
- Shares offered at 16.7% discount to 15-day VWAP and 9.1% discount to closing price
- Funds to support Phase 2 clinical trials of PTX-100 for T Cell Lymphoma
- Eligible shareholders can subscribe up to $30,000 without brokerage fees
- Company highlights clinical, regulatory, and funding risks
Prescient Therapeutics Opens Share Purchase Plan
Melbourne-based biotechnology company Prescient Therapeutics Limited (ASX – PTX) has officially launched a Share Purchase Plan (SPP) to raise up to AUD 7 million. The offer invites eligible shareholders to purchase new shares at a discounted price of 4 cents each, representing a 16.7% discount to the 15-day volume weighted average price (VWAP) and a 9.1% discount to the closing price on 30 June 2025. This capital raising initiative is designed to accelerate the clinical development of PTX-100, Prescient’s first-in-class targeted cancer therapy.
Funding the Next Phase of PTX-100 Development
PTX-100 is a novel cancer enzyme inhibitor targeting oncogenic pathways implicated in T Cell Lymphoma, a market estimated at US$1.8 billion. The company recently received Fast Track and Orphan Drug Designations from the US Food and Drug Administration (FDA), underscoring the potential significance of PTX-100 in addressing unmet medical needs. The funds raised through the SPP will primarily support ongoing Phase 2a clinical trials, which have already commenced with site activations and patient enrolments underway.
Shareholder Participation and Offer Details
Eligible shareholders registered as of 7 – 00pm (AEST) on 30 June 2025, with addresses in Australia or New Zealand, can apply for up to $30,000 worth of shares without incurring brokerage or transaction fees. The offer opened on 2 July 2025 and will close on 15 July 2025, with shares expected to be allotted and quoted on the ASX by late July. The company has appointed Reach Markets Pty Ltd as Lead Manager for the SPP, who will also receive a fee and options as part of the arrangement.
Risks and Strategic Outlook
While the SPP represents a promising opportunity for shareholders to support Prescient’s growth, the company is transparent about the inherent risks. These include the uncertainties of clinical trial outcomes, regulatory approval processes, future funding requirements, and competitive pressures within the biotechnology sector. Prescient’s management emphasizes rigorous scientific review and strategic partnerships to mitigate these risks as it advances PTX-100 through clinical development.
Engaging with Shareholders
To provide further clarity and answer shareholder questions, CEO James McDonnell will host a live interactive briefing. This session aims to discuss the SPP details, the use of funds, and the company’s clinical progress. The company encourages shareholders to consider this opportunity as it seeks to establish itself as a leading Australian biotech success story with a focus on personalised cancer therapies.
Bottom Line?
Prescient’s SPP is a critical step in funding PTX-100’s clinical journey, but investors should watch closely for trial progress and regulatory milestones.
Questions in the middle?
- What level of shareholder uptake will Prescient achieve in the SPP, and will a scale-back be necessary?
- How will interim Phase 2 trial data influence regulatory engagement and potential partnerships?
- What are the company’s plans for additional funding beyond the SPP if required?
