Patrys Ltd. said it closed a share placement with investors for proceeds of A$3.5 million before costs.
The company placed new ordinary shares priced 3.4 Australian cents each. The oversubscribed placement is expected to settle May 22.
Proceeds will go toward developing Patrys' Deoxymab platform, which is used to create antibody therapies.
Somers and Partners Pty Ltd. acted as lead manager for the placement.
Melbourne, Australia-based Patrys develops cancer therapies.
