Syntara Limited (ASX:SNT) Announces $15 Million Equity Raising
Equity Raising Overview
Syntara Limited (ASX:SNT) has announced a two-tranche equity placement aimed at raising A$15 million to support ongoing clinical trials and further development. The offering involves approximately 250 million new shares at an issue price of A$0.06 each, a discount of about 10.4% from its last trading price. The shares will rank equally with existing shares.
Use of Funds
The proceeds from this placement will be allocated towards several key initiatives. Predominantly, A$11.8 million is earmarked for a Phase 2 clinical study of SNT-5505 in combination with ruxolitinib for myelofibrosis, with critical data expected by mid-2025. Additionally, funds will aid various studies across myelodysplastic syndromes and conditions like iRBD/Parkinson’s, with anticipations for significant clinical trial outputs by late 2025.
Executive Comments
Gary Phillips, CEO of Syntara Limited, stated, “This capital raising positions us to deliver on our clinical objectives and expand our portfolio of assets. We are excited about the potential impact of SNT-5505 and other pipeline products.” He reiterated the importance of these funds in maintaining the company’s operational momentum and advancing its promising clinical programs.
Market Position
Currently, Syntara is funded through mid-2025 and possesses three Phase 2 studies targeting blood cancer indications with a combined addressable market exceeding A$4.5 billion. The company has also achieved significant grant funding of A$8.5 million over the past three years, fortifying its financial resilience.
Further Developments
Final tranche approvals are pending, with a General Meeting expected in early 2025 to facilitate shareholder approval for the secondary tranche. The company indicates strong interest from pharmaceutical strategics for their assets, which it plans to explore alongside ongoing discussions with regulatory bodies regarding pivotal study designs for SNT-5505.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Syntara. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.
