- Chimeric Therapeutics (CHM) has received overwhelming support from investors, raising $35 million via an initial public offering (IPO)
- The biotechnology company develops cell therapy cancer drugs, known as CAR Ts, with phase one clinical trials underway
- Its IPO was closed early due to oversubscriptions, with investors quickly snapping up the 175 million shares on offer at a price of 20 cents each
- The $35 million raised via the successful IPO will help the company achieve its goal of floating on the ASX under the ticker code CHM
- Chimeric is expected to list on the stock exchange on January 18, with an initial market cap of around $66.1 million
Chimeric Therapeutics (CHM) has received overwhelming support from investors, easily raising $35 million via an Initial Public Offering (IPO).
The biotechnology company is focused on developing a class of cell therapy cancer
drugs, known as CAR Ts, with phase one clinical trials underway.
It is now getting ready to list on the ASX, after it closed the IPO early due to oversubscriptions.
Under the public offer, investors were invited to subscribe for 175 million shares at a price of 20 cents each.
That will help Chimeric list on the stock exchange next week with an initial market cap of $66.1 million.
The healthcare stock will operate under the ticker code CHM and is scheduled to float on the ASX next Monday, January 18.
Commenting on the company's future goals, Executive Chairman Paul Hopper said the business was excited to advance its CAR T therapies.
"These drugs have shown dramatic results in blood cancers and there are now three CAR T drugs on the market approved by the U.S. Food and Drug Administration," he stated.
"The Directors believe Chimeric will be the only company listed on the ASX conducting human clinical trials with CAR T cell therapy," he added.