Immune System Therapeutics completes $2.6 million placement
Immune System Therapeutics Limited (IST) said it completed a private placement to raise $2 million from new and existing private and institutional investors in Australia. Investors have agreed to purchase 5,200,000 shares in the company at a price of $0.50 cents per share resulting in gross proceeds of $2.6 million.
Immune System Therapeutics Chairman, Dr. Joe Collins said, “We are gratified that this capital raising was oversubscribed. This is testament of the continued confidence in the growing value of our promising anti-cancer therapy and drug platform and in the demonstrated ability of the management team to achieve timely corporate and clinical milestones.”
The new capital will allow IST to expedite patient recruitment into its Phase II clinical program for its lead anti-cancer compound MDX-1097 following confirmation of safety and efficacy in myeloma patients and the recent granting of Orphan Drug Designation by the US Food and Drug Administration (FDA).
Dr. Collins said, “IST is now focused on securing a license agreement with a global pharmaceutical partner and planning the Phase II b trial to be initiated next year.” Depending upon the timing of the Phase II b trial IST may raise additional capital to fund the further production of its drug MDX 1097.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities in any jurisdiction.
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