Phylogica Ltd (ASX:PYC) has recommenced trading on the ASX today after a successful recapitalisation that involved a $9.12 million share placement priced at 3 cents.
Firm commitments for the placement funds have been received which will be used to accelerate its path towards first in human trials of its Cell Penetrating Peptides (CPPs).
The placement will occur in two tranches with the first tranche of $4.4 million to be complete on 21 September 2018.
Phylogica is using its peptide library to develop a drug delivery platform capable of reaching the highest value drug targets located inside cells.
The company’s drug delivery platform transports drugs into the intracellular environment where most diseases are.
The company aims to find drugs that can get delivered into that intracellular environment and be the delivery mechanism for that drug.
Clear strategy for building shareholder value
Over the next 12 months Phylogica aims to deliver:
- Second generation CPPs from the recently enriched peptide libraries;
- Evaluation of the ability of CPPs to deliver a drug cargo in a therapeutic model of disease (animal model); and
- Initiation of the enabling studies required to lodge an Investigational New Drug (IND) application with the United States Food and Drug Administration (FDA).