Patrys Ltd. said due to demand from two strategic investors, it upsized its share placement to A$4.6 million from A$3.5 million.

The oversubscribed placement, which is expected to settle May 22, will now consist of 135,294,117 new ordinary shares priced 3.4 Australian cents each.

Proceeds will go toward developing Patrys' Deoxymab platform and corporate activities, including insurance claim prosecution.

Somers and Partners Pty Ltd. acted as lead manager for the placement.

Melbourne, Australia-based Patrys develops cancer therapies.