• Accelerated non-renounceable entitlement offer to raise up to ~$146 million
• New shares priced at A$1.25, a 2.7% discount to last traded price
• Proceeds to fund progression of pipeline of first-in-class drug candidates

PYC Therapeutics is undertaking a pro-rata accelerated non-renounceable entitlement offer to eligible shareholders to raise up to approximately A$146 million (before costs). The offer will comprise the issue of up to approximately 117 million new fully paid ordinary shares at an offer price of A$1.25 per new share, representing a 2.7% discount to the last traded price. The proceeds will be used to progress PYC's first blinding eye disease drug candidate into late-stage human trials, progress the second blinding eye disease drug candidate into mid-stage human trials, progress the polycystic kidney disease drug candidate through early-stage human trials, support progression of the Phelan-McDermid Syndrome drug program into human trials, and fund further drug discovery and platform development efforts, as well as general working capital and offer costs. Major shareholder Australian Land Pty Ltd, an entity controlled by Chairman Alan Tribe, has subscribed for A$35 million worth of new shares under the entitlement offer. PYC has also entered into a binding underwriting agreement with existing large shareholders to subscribe for a minimum of A$70 million worth of new shares in the event of a shortfall in the retail entitlement offer.

All four of PYC's pipeline programs are expected to be fully funded through to FY27 following the successful completion of the equity offering.