PYC Therapeutics $74.6 Million Accelerated Entitlement Offer

PYC Therapeutics Limited (ASX: PYC) announces an accelerated non-renounceable entitlement offer, aiming to raise around AU$74.6 million. This offer involves issuing approximately 933 million new fully paid ordinary shares at AU$0.08 per share, representing a 5.9% discount to the last traded price. Major shareholder Australian Land Pty Ltd intends to take up their full entitlement.

The offer comprises an institutional component from March 14 to March 15 and a retail component from March 20 to April 8, with the same offer price and ratio. The funds will fuel the advancement of drug candidates for blinding eye diseases, polycystic kidney disease, and Phelan-McDermid Syndrome, alongside general working capital. CEO Dr. Rohan Hockings emphasizes the opportunity for shareholders to contribute to PYC's drug development pipeline.

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