BiVictriX Therapeutics has announced plans to raise over £2 million ($2.6 million) through a share placing and subscription. The funds will primarily be invested in the development of their BVX001 treatment for acute myeloid leukemia.
To raise the funds, the company will issue approximately 9.2 million new shares, which will represent around 14% of their total issued share capital. The shares will be priced at 13 pence each, offering a 10% discount compared to the previous day's closing price of 14.5 pence.
The share placing will be conducted through an accelerated bookbuilding process, which is expected to commence immediately.
BiVictriX Therapeutics has outlined several initiatives that the proceeds will be used for, with a strong emphasis on advancing their main asset, BVX001. These initiatives include collecting toxicity data, seeking orphan drug designation status, and further developing their pipeline to generate initial efficacy and safety results.
Chief Executive Tiffany Thorn expressed confidence in the potential of BVX001, stating, "The growing body of positive preclinical data for BVX001 provides evidence of our approach in improving the efficacy and tumor specificity of this promising therapeutic class in targeting some of the most challenging-to-treat cancers."