Key points
- Company completes ~$146m Entitlement Offer, raising ~$133m to date
- Remaining ~$13m balance expected by end of April
- Underwriter requests extension due to liquidity issue, company seeking payment guarantees
Full summary
PYC Therapeutics Limited (ASX:PYC) is a precision medicine company dedicated to changing the lives of patients with genetic diseases. The company is currently in the process of completing a ~$146m Entitlement Offer. PYC has received ~$133m of the total contemplated, bringing the company's cash runway to over $200m. The remaining balance of ~$13 million is expected to be received prior to the end of the month. However, the underwriter of the remaining balance has advised the company that they have a liquidity issue and have requested an extension of time through to 30 April to pay the outstanding liability. The company is seeking payment guarantees and a bond to offset against any potential failure to complete by the underwriter. PYC has reserved its rights under the underwriting agreement with respect to the outstanding liability and will consider the underwriter's request in due course.