Percheron Therapeutics Ltd (ASX:PER, OTC:PERCF) has secured $2.2 million through a fully subscribed entitlement offer, strengthening its balance sheet as it advances its lead cancer therapy towards a planned phase II trial.
The company confirmed the completion of its 2-for-5 non-renounceable entitlement offer, with strong backing from both existing shareholders and new investors helping to fill the book.
Chair Dr Charmaine Gittleson said the level of support leaves Percheron “very well positioned” to progress its HMBD-002 program, with proceeds expected to drive development work ahead of a targeted phase II study in calendar 2026.
The raising comprised about $800,000 from eligible shareholders and a further $1.4 million from new investors via the shortfall offer, which was fully allocated.
Under the offer, investors were able to subscribe for two new shares for every five held at an issue price of $0.005 per share, along with one free-attaching option for every two new shares issued.
Those options carry a two-year term and an exercise price of $0.01, providing potential additional funding if exercised.
All shortfall securities were placed in full, reflecting strong demand across both retail and new investor cohorts. Blue Ocean Equities and Cygnet Capital acted as joint lead managers to the transaction.
New shares are expected to begin trading on a normal settlement basis from April 16, ranking equally with existing shares.
The raise comes as Percheron builds momentum behind HMBD-002, its monoclonal antibody targeting the immune checkpoint regulator VISTA — an emerging focus in next-generation cancer immunotherapy.
The therapy has already completed a phase I trial in patients with advanced cancers, where it was shown to be generally safe and well tolerated, and the company is now working towards initiating a phase II study in 2026 to further assess efficacy.
Near-term catalysts are also coming into focus. Percheron is set to present phase I data at the American Association for Cancer Research annual meeting this month, followed by new preclinical results from its collaboration with QIMR Berghofer at the American Society of Clinical Oncology meeting in May–June.
Together, these updates form part of a broader push to validate HMBD-002 within the global oncology community, particularly as interest grows in immune checkpoint targets beyond established PD-1 and CTLA-4 pathways.
With fresh capital secured and a steady stream of data expected, Percheron is positioning its lead asset for the transition into mid-stage clinical development.
