Dell therapy specialist Chimeric Therapeutics (ASX:CHM) has raised $5 million by way of a two-tranche placement to sophisticated and professional investors.
The placement features a two-tranche issue of approximately 625 million new fully paid placement shares.
Chimeric’s Executive Chairman, Paul Hopper, has committed to subscribe for 125 million placement shares (representing $1 million of the $5 million placement) to be issued to him or his nominee, subject to shareholder approval.
Use of funds
Proceeds from the placement will be used primarily to support the clinical trial pipeline and therapy portfolio, including:
- CHM CDH17 CAR-T Program: CHM has dosed the first patient in this Phase 1/2 trial in patients with neuroendocrine tumours, colorectal cancer and gastric cancer. With two clinical trial sites now active and enrolling; Sarah Cannon Cancer Centre in Nashville Tennessee and UPenn in Philadelphia, PA. GMP Manufacturing has been established with a successful first patient run. More sites are scheduled to be opened in H2 2024; with the aim to enroll up to 15 patients by the end of FY25.
- CHM CLTX Program: CHM CLTX is a novel CAR T Therapy currently in Phase 1b clinical trial in recurrent and/or progressive glioblastoma multiforme (GBM – Brain Cancer). Initial positive data from the investigator-initiated trial has been presented.
- CORE NK Platform: Building off the success in the phase 1A clinical trial where one patient achieved a complete response that has been sustained now for over 48 months, CHM in partnership with Case Western University has commence a novel Phase 1B clinical trial with our CORE NK platform. The trial is the first-ever trial to assess NK cells in combination with Vactosertib in patients with advanced colorectal and blood cancers; one patient in this trial with AML has also achieved a complete response with no evidence of cancer at day 28.
In addition, CHM in partnership with MD Anderson Cancer Centre has commenced a trial to evaluate the synergy of NK cell therapy in combination with the current standard of care for blood cancer, Azacitidine and Venetoclax (aza/ven). Both trials are supported by our partner institutions.
- General working capital and costs of the capital raising.
