Percheron Therapeutics Limited (ASX:PER), an international biotechnology company focused on the development of novel therapies for oncology and rare diseases, has announced a non-renounceable entitlement offer to raise approximately $2.2 million before costs. The offer, detailed in a prospectus lodged with ASIC on March 16, 2026, involves offering eligible shareholders two new fully paid ordinary shares for every five existing shares held, at an issue price of $0.005 per new share. This represents a discount of approximately 20% to the 5-day volume weighted average price prior to the announcement.
Participants in the entitlement offer will also receive one free attaching new option for every two new shares subscribed. These new options will have an exercise price of $0.01 each and expire two years from the date of issue. Any new shares and options not validly subscribed for under the entitlement offer will be offered to investors via a separate shortfall offer. Eligible shareholders who fully subscribe for their entitlement (and other investors as determined by the directors) may apply for additional new shares and options under the shortfall offer.
The funds raised from the entitlement offer will primarily be used to progress the development of the company’s lead asset, HMBD-002, and for general working capital, including the expenses of the entitlement offer and shortfall offer. HMBD-002 is a monoclonal antibody targeting the immune checkpoint regulator, VISTA. HMBD-002 has completed a phase I clinical trial in patients with advanced cancer, which has shown the drug to be generally safe and well-tolerated, and Percheron aims to commence further clinical trials in CY2026.
The entitlement offer and shortfall offer are scheduled to close at 5:00 pm (AEST) on Wednesday, April 8, 2026, unless extended. The offers are being lead managed by Blue Ocean Equities and Cygnet Capital, and are not underwritten. Eligible shareholders are encouraged to carefully read the prospectus for further details and instructions on how to participate.
