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Patrys secures $3.5 million for anti-cancer therapies

The single tranche placement will see new shares issued priced at 3.4 cents.
sign saying funding
The capital raising was oversubscribed by investors

Patrys Ltd (ASX:PAB) has received firm commitments from institutional and sophisticated investors to raise $3.5 million through a share placement priced at 3.4 cents.

Funds raised will be used to accelerate the development of Patrys’ Deoxymab platform, which was licensed from Yale University in March 2016.

Patrys has established a strong position in the field of DNA damage repair (DDR) therapeutics with a novel approach that utilizes cell-penetrating antibodies to selectively kill cancer cells.

The company also has a range of new pre‐clinical studies planned to create shareholder value by supporting business development efforts.

Developing anti‐cancer therapies based on the Deoxymab platform

Patrys’ CEO and managing director Dr James Campbell said: “Patrys is pleased to announce that this over‐subscribed share placement attracted strong demand from institutional investors.

“We believe this result is indicative of strong investor interest in our efforts to develop anti‐cancer therapies based on the Deoxymab platform, which has created a novel position in the field of DNA damage repair antibody therapeutics.”

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