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Perth-based biotech raises record capital to advance rare disease therapies and registrational clinical trials.
The fund-raising consists of a $128 million placement to major US life sciences investors and a $525 million entitlement offer for existing shareholders. The issue price of the new shares, at $1.50, represents a small discount. PYC has obtained binding commitments of approximately $560 million, including $200 million of underwriting support from its major existing large shareholders. The funds will support four major programs: polycystic kidney disease, rare neurodevelopmental disorders, genetic retinal diseases, and optic neuropathy, which are expected to result in several compounds entering or advancing in registrational clinical trials in the coming years.
The company's CEO, Dr. Rohan Hockings, said, “This new and ongoing investor support is an indicator of the trust they have in our portfolio and our commitment to bring disease-altering therapies to patients who need treatment in areas where few or no health treatment options exist today. This late-stage capital allows PYC to focus on long-term value creation without the risk of near-term shareholder dilution.”
This announcement underlines the coming of age of Australia's biotech sector and focuses on increasing international investor interest for local innovation. With its top-tier US investors, PYC is connecting domestic science with global capital-a rare feat amongst Australian-listed life sciences firms. Previous rounds were smaller, setting this as a historic fundraiser in terms of both scale and strategic impact.
This round of funding puts PYC Therapeutics on track to continue developing an aggressive pipeline, cementing Australia's status as a hotspot for biotech innovation. Investors and the industry will be looking forward to news about clinical milestones and the advancement of its high-priority programs.
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