Cell therapy company Chimeric Therapeutics (ASX:CHM) has received commitments totalling approximately $3.2 million relating to a shortfall in entitlement offer.
The company announced the non-renounceable entitlement offer in October last year. The offer raised $4.5 million before costs.
According to the company, on completion of the placement of the shortfall, the offer raised approximately $7.66 million before costs.
It said the funds will be used to advance the Phase 1B clinical trial in glioblastoma, a Phase 1A trial in gastrointestinal tumours and to support the Phase 1B ADVENT-AML trial at the University of Texas, MD Anderson Cancer Center.
CEO Jennifer Chow said, “Following the strong support from our shareholders in the entitlement offer, we are very pleased to announce this shortfall placement. Together with the funds received from our recently announced R&D tax rebate of $7.36m, the Company is now in an excellent position to deliver on key clinical milestones in 2024. We truly appreciate the ongoing confidence and conviction our shareholders have shown in our programs, our pipeline and our team.”
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