PharmAust raises cash for anti-cancer study

Clinical stage biotechnology company PharmAust has received commitments to raise $10 million via an institutional placement with directors and management subscribing for $1 million worth of shares.

The cash will be used to finalise preparations for an adaptive Phase
2/3 STRIKE study in patients with Motor Neurone Disease (MND) of the drug monepantel.

Monepantel is an approved veterinary product for the treatment of worm infestations in sheep, with PharmAust studying the drug as an anti-cancer agent and for the treatment of neurodegenerative diseases.

It will also be spent on the manufacture of monepantel under Good Manufacturing Practice (GMP), exploring preclinical models for other
neurodegenerative diseases, regulatory filings and working capital.

PharmAust Managing Director Dr Michael Thurn said: “We are delighted with the support of our capital raising from our existing shareholders and welcome new shareholders to our register.

“It serves as a vote of confidence in the exciting opportunity ahead for
us with monepantel, along with the quality of our people and our strategy.

“PharmAust can now finalise preparations towards commencing a pivotal registration study for monepantel for the treatment of
MND/ALS.”

Dr Thurn said PharmAust had ‘many important milestones on the horizon’.

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