Syntara Limited (ASX:SNT), a clinical-stage drug development company targeting extracellular matrix dysfunction, has announced it has secured A$8.0 million (before costs) through firm commitments for a two-tranche institutional placement. The company, which leverages its expertise in amine oxidase chemistry to develop novel medicines for blood cancers and conditions linked to inflammation and fibrosis, also plans a non-underwritten share purchase plan (SPP) to raise an additional A$2.0 million. This capital raising, totalling A$10.0 million, follows a recent positive Type C meeting outcome with the US FDA regarding the Phase 2b clinical trial design for Syntara’s lead asset, amsulostat, in myelofibrosis. Shares in the capital raising will be issued at A$0.027 each, representing a 15.6% discount to Syntara’s last closing price on 24 April 2026.
The institutional placement received strong support from existing and new institutional and sophisticated investors. Tranche 1 will raise approximately A$6.6 million through the issue of 242.6 million new shares, utilising Syntara’s existing placement capacity, with settlement expected on 6 May 2026. Tranche 2, to raise approximately A$1.4 million via 53.7 million new shares, is subject to shareholder approval at an extraordinary general meeting slated for June. Canaccord Genuity (Australia) Limited and Euroz Hartleys Limited acted as joint lead managers. The SPP will invite eligible shareholders in Australia and New Zealand to subscribe for up to A$30,000 worth of new shares, with the offer booklet anticipated for distribution in mid-May.
Proceeds from the capital raising are intended to provide Syntara with a cash runway extending to the third quarter of 2027. Funds will be primarily allocated to supporting five key clinical trial readouts across 2026 and progressing existing licensing discussions across the company’s pipeline. Additionally, the capital will fund preparatory work for the Phase 2b myelofibrosis study, including protocol finalisation and CRO selection, and strengthen the company’s global pan-LOX patent suite. Syntara Chief Executive Officer Gary Phillips expressed gratitude for the strong support, stating the company is now “very well positioned to deliver data from the five clinical studies currently underway for its three pipeline programs and explore the associated commercial potential.”
