Chimeric Therapeutics Limited (ASX: CHM), a company focused on developing cell therapies to treat cancer, has announced it has secured firm commitments to raise $8.4 million. The funding comprises a $4.4 million placement to institutional, sophisticated, and professional investors and $4 million via a convertible note. Chimeric Therapeutics is developing innovative cell therapies to treat various cancers. Their lead candidate is CHM CDH17 CAR-T, currently in Phase 1/2 clinical trial for solid tumours.
The placement will be conducted in two tranches, with the first tranche issuing approximately 777 million shares and the second tranche issuing approximately 690 million shares, subject to shareholder approval at an extraordinary general meeting (EGM). The issue price is $0.003 per share, with attaching options exercisable at $0.005. A US-based family office has committed US$2.0 million to the placement, and a second US institutional investor has committed A$4.0 million via a convertible note, both contingent on shareholder approval.
The proceeds from the placement will fully fund the CHM CDH17 CAR-T Phase 1/2 clinical trial to the end of Phase 1, including the next patient cohort at an increased dose level. The funding will also support the advancement of CORE-NK clinical programs and provide working capital. The company is also undertaking a strategic review, including cost reductions, a proposed share consolidation, and a board renewal process, ahead of 2026.
In addition to the funding announcement, Chimeric Therapeutics announced the resignation of Chief Medical Officer Dr. Jason B. Litten. The company will transition to a streamlined clinical oversight model using a contract CMO to reduce costs while retaining clinical and regulatory expertise. Dr. Rebecca McQualter, CEO of Chimeric Therapeutics, thanked Dr. Litten for his contributions to the company and wished him success in his future endeavours.
