Patrys Faces Leadership Shift Amid Capital Consolidation and Cash Burn
Patrys Limited has raised $1.77 million through a fully underwritten entitlement offer to fund preclinical studies and business development for its deoxymab therapeutic antibodies. The company also completed a capital consolidation and held a successful AGM, signaling a strategic pivot into immunology and inflammation.
- Completed $1.77 million fully underwritten entitlement offer
- Cash balance of $1.685 million plus $807,000 R&D tax refund post-quarter
- Advancing preclinical studies on deoxymab assets targeting NETosis inhibition
- Capital consolidation and all AGM resolutions approved
- CEO redundancy costs included in operating cash outflows
Funding Boost and Financial Health
Patrys Limited (ASX – PAB), a Melbourne-based biotech focused on therapeutic antibodies, successfully completed a $1.77 million fully underwritten entitlement offer during the September 2025 quarter. This capital raise, priced at $0.001 per share pre-consolidation, was designed to support ongoing technical and business development activities around its proprietary deoxymab platform. At quarter-end, Patrys reported a cash balance of $1.685 million, bolstered by an $807,000 R&D tax incentive refund received shortly after the period closed.
Strategic Shift Toward Immunology and Inflammation
The company is advancing preclinical work to validate the unique mechanism of its deoxymab antibodies, PAT-DX1 and PAT-DX3, which inhibit neutrophil extracellular trap (NET) formation; a process implicated in various immune-mediated and inflammatory diseases. These studies aim to demonstrate the antibodies’ ability to modulate NETosis without compromising essential immune functions, a critical step toward expanding Patrys’ pipeline beyond its oncology roots into high-value immunological indications such as ANCA vasculitis and lupus.
Corporate Developments and Governance
October 2025 saw Patrys hold its Annual General Meeting where all shareholder resolutions were passed, including approval for a capital consolidation. The company also navigated leadership changes, with one-off redundancy costs related to the departure of CEO Dr James Campbell reflected in the quarter’s operating cash outflows of $822,000. Payments to related parties totaled $286,000, encompassing executive and director fees.
Risk Mitigation and Pipeline Diversification
In addition to advancing its core deoxymab program, Patrys is actively assessing new assets to diversify shareholder risk and broaden its therapeutic portfolio. While these evaluations are ongoing, the company is pursuing partnering and licensing opportunities to accelerate development and commercialisation pathways. The funds raised are earmarked for manufacturing reviews, intellectual property maintenance, and business development efforts to underpin these strategic initiatives.
Outlook
Patrys’ focus on establishing proof-of-mechanism through comparative preclinical studies positions it well for future regulatory engagement and partnership discussions. The company’s capital consolidation and refreshed balance sheet provide a foundation for the next phase of growth as it seeks to unlock the therapeutic potential of its deoxymab platform in immune and inflammatory diseases.
Bottom Line?
Patrys’ recent capital raise and strategic pivot set the stage for critical preclinical milestones that could redefine its growth trajectory beyond oncology.
Questions in the middle?
- When will Patrys release results from its comparative preclinical NETosis inhibition studies?
- How will the leadership transition impact the company’s strategic execution and partnering efforts?
- What new assets is Patrys evaluating to diversify its pipeline and reduce shareholder risk?
