Perth biotech company raises $30m

Biotechnology company PYC Therapeutics has raised $30 million to progress its series of drug trials.

The Harry Perkins Institute of Medical Research-based drug development company raised the funds through a two-tranche placement at a price of 5.5 cents per share.

The second tranche of the offer involved issuing shares to major shareholder and chairman Alan Tribe and chief executive officer Rohan Hockings.

Subject to shareholder approval, Mr Tribe’s stake in the company will be increased from 30.5 per cent to 32.9 per cent.

PYC Therapeutics, formerly known as Phylogica, is a clinical-stage biotechnology company which specialises in RNA therapies and delivery technology.

Its market capitalisation sits at $203.99 million after having traded on the ASX for almost a decade, as of May 11.

The $30 million worth of funds will be used to progress its studies around inherited retinal diseases and central nervous system diseases.

E&P Corporate Advisory acted as lead manager to the placement and Tenzing Partners acted as legal counsel to the company.

On the ASX, PYC Therapeutics shares were trading up 6.25 per cent to 6.8 cents per share at 1.45PM AEST.