Following applications well in excess of A$10 million, Viralytics (ASX:VLA) has raised a total of $4 million via a share purchase plan to retail investors priced at $0.615 per share.
Viralytics stock was last trading at A$0.70, representing a 23% improvement over the past three months.
This is in addition to the successful placement that raised $28.4 million at the same price per share in December 2015.
That financing attracted a range of specialist healthcare investment funds, including a substantial commitment from OrbiMed Advisors, a new participant.
The funds from this capital raise will enable Viralytics to more rapidly advance its broad clinical program for CAVATAK, an oncolytic virus and the company’s lead product candidate.
CAVATAK is currently being studied in Phase 1 and 2 clinical trials for the treatment of melanoma, as well as prostate, bladder and lung cancers.
Intratumoural, intravenous and intravesicular delivery routes are also under investigation.
Two combination studies with checkpoint inhibitors are underway in late-stage melanoma patients.
The capital raise is interpreted as placing Viralytics in a position of financial security from which it can continue to build its clinical program while also increasing engagement with major pharmaceutical entities.
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