• 3 for 5 pro rata accelerated non-renounceable entitlement offer
• Offer price of $1.50 per new share
• Proceeds to fund progression of drug candidates into trials

PYC Therapeutics Ltd (ASX:PYC) has announced the launch of a 3 for 5 pro rata accelerated non-renounceable entitlement offer to raise up to approximately A$116 million (before costs). The offer price is $1.50 per new share, representing a 6.3% discount to the last traded price and a 3.7% discount to the theoretical ex-rights price. The proceeds from the offer, along with a $128 million placement to US specialist life sciences investors, will be used to fund the progression of PYC's drug candidates into clinical trials, including its ADPKD drug candidate PYC-003, its PMS drug candidate PYC-002, its RP11 drug candidate VP-001, and its ADOA drug candidate PYC-001. The entitlement offer comprises an accelerated institutional component and a retail component, with eligible retail shareholders able to subscribe for 3 new shares for every 5 shares held. Eligible retail shareholders may also apply for additional new shares under a top-up facility. The entitlement offer is non-renounceable, meaning that entitlements will not be tradeable or transferable.