American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Investing

Radiopharm Theranostics Completes A$70 Million Placement

by admin June 28, 2024
June 28, 2024
Radiopharm Theranostics Completes A$70 Million Placement

Radiopharm Theranostics Limited (ASX:RAD), a developer of a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, has received firm commitments to raise approximately A$70.0 million (before costs) by way of a placement (the Placement) comprised of international and Australian institutional and industry investors, including Lantheus Holdings (“Lantheus”) and specialist US healthcare investors.

  • Radiopharmaceutical industry leader, Lantheus Holdings, Inc., has agreed to make an initial strategic equity investment of A$7.5m at A$0.05 per share, which represents a 47% premium to last closing price of A$0.034 on 19 June 2024
  • Two Tranche Placement to raise an additional A$62.5m, taking total amount raised under the placement to A$70.0m
  • Offer price for shares issued under the balance of the placement of A$0.04 represents an 18% premium to the last closing price
  • Participation from leading international institutional investors including US specialist healthcare investors
  • Net proceeds are expected to fully fund the current clinical programs until the end of 2026
  • Executive Chair, Paul Hopper, to participate in the placement with A$3.0 million investment, subject to shareholder approval
  • Option for Lantheus to invest a further A$7.5m within 6 months on the same terms
  • Lantheus will also secure rights to two early preclinical assets in exchange for an A$3m upfront payment pursuant to a transfer and development agreement

As part of the Placement, as announced on 20 June 2024 and subject to shareholder approval, Lantheus has subscribed for:

  • a) A$7.5 million (US$4.99 million) at A$0.05 (US$0.033) per share;
  • b) unlisted options with a six-month term after the date the subscription shares are issued to invest up to an additional A$7.5 million (US$5 million) at A$0.05 (US$0.033) per share; and
  • c) one option for every four shares subscribed for (inclusive of any shares further subscribed for in the next six months), exercisable at A$0.06 per option expiring in August 2026, (together, “Lantheus Interests”).

Riccardo Canevari, Radiopharm’s Chief Executive Officer & Managing Director, said “We are delighted to complete this significant capital raise which will allow us to accelerate the development of our portfolio, as well as provide an expected cash runway to the end of 2026. To have attracted investment from Lantheus, one of the radiopharmaceutical industry’s leading companies, is a solid endorsement of RAD’s potential. We look forward to working closely with Lantheus in the coming years.”

As announced on 20 June 2024, and separate to the Placement, under a separate transfer and development agreement, RAD has agreed to assign and sub-license two of its preclinical assets to Lantheus for A$3.0 million (US$2.0 million). Assets covered under the agreement are a TROP2 targeting nanobody and a LRRC15 targeting mAb.

“We are pleased to make a strategic investment in RAD and partner with them to further expand our innovative pipeline,” said Brian Markison, Chief Executive Officer of Lantheus. “Radiopharmaceutical theranostics are changing the way cancer is diagnosed and treated, yet we still have more work to do and are inspired to further advance this field with these two preclinical oncology assets.”

An Extraordinary General Meeting (“EGM”) to approve the Lantheus Interests, second tranche component of the Placement (as described further below), and all options offered under the capital raising is anticipated to be held in early August 2024.

Bell Potter Securities Limited acted as lead manager to the capital raising and B. Riley Securities Inc acted as US placement agent. B. Riley Securities is acting as financial advisor to the Company on the Lantheus transactions.

Click here for the full ASX Release

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Inflation vs. wages: How rising prices stack up against growing pay
next post
How to Invest in Copper (Updated 2024)

Related Posts

BTC and XRP bull run starts, boosting the...

May 24, 2025

Pi Network price prediction: Will Pi Coin recover...

May 17, 2025

JEPQ and QYLD ETFs outlook for 2025: are...

December 17, 2024

Visa stock price hits resistance ahead of earnings:...

January 24, 2025

Sage Potash Announces Non-Brokered Private Placement of 13,500,000...

May 3, 2024

American Airlines stock analysis: technicals point to a...

January 22, 2025

Element79 Gold Corp Successfully Closes Maverick Springs Option...

May 9, 2024

Solana price prediction May 2025: set for a...

May 1, 2025

Deep Drilling Hits Visible Gold Over 1km Deep...

April 10, 2024

Ethereum price prediction: here’s why ETH is heading...

March 30, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • Interview: Strategic location gives Brazil Potash cost advantage in domestic fertiliser market, says CEO Matt Simpson

      June 1, 2025
    • Canada’s Q1 GDP expands by 2.2%, driven by exports spike ahead of potential US tariffs

      June 1, 2025
    • President Trump to host farewell for Elon Musk as DOGE leader steps away

      June 1, 2025
    • UK’s digital banks face divergent fortunes: Starling stumbles, Monzo and Revolut soars

      June 1, 2025
    • Trump wants Apple to shift iPhone production from India to the US: here’s what it means

      May 18, 2025

    Categories

    • Business (3,012)
    • Investing (2,455)
    • Latest News (1,994)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved