Syntara Ltd (ASX:SNT) Secures A$15 Million Placement
Placement Summary
Syntara Ltd (ASX: SNT) has successfully secured firm commitments to raise approximately A$15 million through a two-tranche placement at A$0.06 per share. The funds will primarily support clinical trials for myelofibrosis (MF), iRBD/Parkinson’s, and myelodysplastic syndromes (MDS), along with drug development and general working capital.
Strong Financial Position
Following the placement, Syntara is expected to maintain a robust post-deal cash balance of approximately A$21.7 million. The first tranche will issue about 206 million shares, raising A$12.4 million and is within the Company’s 15% placement capacity under ASX Listing Rule 7.1. The second tranche, requiring shareholder approval, includes around 44 million shares to raise an additional A$2.6 million.
Positive Outlook and Executive Commentary
Gary Phillips, Chief Executive Officer of Syntara, expressed gratitude for the strong backing from shareholders and investors. “We’re very grateful for the strong support from our shareholders and new investors in this capital raising, stemming from the positive interim data we announced earlier this week in our SNT-5505 MF program. With this injection of capital, Syntara is now very well positioned to take this program toward a pivotal Phase 2c/3 study,” Phillips stated.
Investment firms Canaccord Genuity and Euroz Hartleys are acting as Joint Lead Managers for the placement.
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.
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