Chimeric Therapeutics (ASX: CHM), a clinical stage cell therapy company, has secured up to $10.1 million through a staged private placement over a 24-month period in collaboration with US firm Lind Global Fund II. The initial advance payment of $3.1 million will be used as working capital to support Chimeric’s clinical trial pipeline and therapy portfolio. The remaining funds, subject to mutual agreement and shareholder approval, will be provided in increments of $1 million.
Clinical Trials for Glioblastoma, Neuroendocrine Tumors, and Colorectal Cancer
Chimeric Therapeutics’ clinical trial pipeline includes innovative treatments such as Chlorotoxin CAR-T for glioblastoma, CDH17 CAR-T for neuroendocrine tumors, colorectal cancer, and gastric cancers, and the CORE NK platform for advanced colorectal and blood cancers. These therapies hold great promise in addressing critical unmet medical needs.
Strategic Funding to Advance Clinical Development
The partnership with Lind Global Fund II reflects confidence in Chimeric’s technologies and underscores the company’s commitment to advancing its clinical trial pipeline. The funding will provide crucial support to accelerate the development and progression of these groundbreaking therapies. Chimeric is pleased to have Lind as a partner in this endeavor.
Lind Global Fund II and Investment Focus
Lind Global Fund II manages institutional funds that provide growth capital to small and mid-cap publicly-listed companies in the US, Canada, Australia, and the UK. With a track record of more than 150 direct investments totaling $2.25 billion in transaction value since 2011, Lind specializes in syndicated equity offerings and selective on-market buys. This strategic partnership further validates Chimeric’s potential and attracts significant investment from a reputable institution.
Share Purchase Plan Completes Funding Round
In addition to the private placement, Chimeric Therapeutics secured $12.6 million through a recently-completed share purchase plan. The new shares were offered at a price representing a 5% discount to the volume-weighted average price during the five trading days up to June 16. The company received applications for $1.5 million worth of new shares at $0.035 per share. This share purchase plan complements the private placement and provides additional funding to support Chimeric’s ambitious clinical development goals.
In summary, Chimeric Therapeutics has successfully secured funding of $10.1 million through a staged private placement with Lind Global Fund II. This strategic partnership will support Chimeric’s clinical trial pipeline and advance the development of innovative cell therapies for glioblastoma, neuroendocrine tumors, colorectal cancer, and other challenging conditions. The collaboration with Lind Global Fund II, along with the completion of a share purchase plan, underscores the confidence in Chimeric’s technologies and highlights the company’s commitment to driving advancements in the field of cell therapy. These funds will propel Chimeric Therapeutics’ clinical development efforts, bringing hope to patients in need of effective treatments.
