Sydney, Australia 24 April 2024
Highlights
- Clarity has successfully completed the fully underwritten Retail Entitlement Offer component of its capital raising, raising approximately $10.8 million (before costs)
- Completion of the Retail Entitlement Offer represents the final stage of the fully underwritten Placement and Entitlement Offer announced by Clarity on 26 March 2024 which has raised total gross proceeds of approximately $121 million (before costs)
- The Retail Entitlement Offer shares will be issued on Monday, 29 April 2024
Clarity Pharmaceuticals (ASX: CU6) (“Clarity”, “the Company”) a clinical stage radiopharmaceutical company with a mission to develop next-generation products that improve treatment outcomes for children and adults with cancer, is pleased to announce the successful completion of the retail component (the Retail Entitlement Offer) of its fully underwritten accelerated non-renounceable entitlement offer of new fully paid shares (the New Shares) in the Company (the Entitlement Offer) which was announced on Tuesday, 26 March 2024.
The institutional component of the Entitlement Offer (the Institutional Entitlement Offer) and the institutional placement (Placement) settled on Friday, 5 April 2024.
The underwritten Retail Entitlement Offer closed at 5:00pm (Sydney time) on Friday, 19 April 2024 and raised a total of approximately $10.8 million (before costs) with approximately $4 million (before costs) raised from Eligible Retail Shareholders at $2.55 per New Share and the remaining amount of approximately $6.8m (before costs) being raised pursuant to the underwriting agreement as further described below. The total amount raised under the Entitlement Offer and Placement is $121 million (before costs).
Clarity’s Executive Chairperson, Dr Alan Taylor, commented: “We are very pleased with the continued support from our shareholders, and we thank them for their commitment to Clarity as we continue to build our Company into an Australian life sciences success story. With a strong proprietary position and a portfolio of best-in-class clinical-stage products, we now also have a strong balance sheet of over $150 million that enables us to progress our pipeline in one of the most exciting areas of the pharmaceutical industry, radiopharmaceuticals.
“We look forward to further updating our shareholders on the continued progress of our therapy and diagnostic programs as we head towards our ultimate goal of better treating children and adults with cancer.”
884 valid applications for a total of approximately 1.6 million New Shares under the Retail Entitlement Offer were received, for approximately $4 million, representing an overall take up rate of approximately 37% from Eligible Retail Shareholders.[1]
The Entitlements of Ineligible Retail Shareholders, and Entitlements not taken up by Eligible Retail Shareholders, represented approximately 2.6 million New Shares. These New Shares will now be allotted pursuant to the underwriting agreement between Clarity, Bell Potter (who acted as sole underwriter) and Wilsons Corporate Finance.1
As outlined in the Company’s announcement on Tuesday, 26 March 2024, funds raised under the Entitlement Offer and Placement will be used to continue developing the Company’s best-in-class portfolio of radiopharmaceuticals and its therapeutic and diagnostic product pipeline.
New Shares subscribed for under the Retail Entitlement Offer are expected to be settled on Friday, 26 April 2024 and to be issued on Monday, 29 April 2024 (the Issue Date) and will rank equally with existing shares on issue with effect from the Issue Date.
Dispatch of the holding statements and initial trading on a normal settlement basis on ASX of the New Shares issued under the Retail Entitlement Offer is expected to occur on Tuesday, 30 April 2024. Applicants under the Retail Entitlement Offer should confirm their holding before trading in New Shares.
[1] The terms “Entitlements”, “Ineligible Retail Shareholders” and “Eligible Retail Shareholders” are as defined in the Retail Offer Booklet, a copy of which was released on ASX on Thursday, 4 April 2024.
ADDITIONAL INFORMATION
This announcement has been authorised for release by the Executive Chairperson.
All amounts are in Australian dollars unless otherwise indicated.
Media Contacts
Clarity Pharmaceuticals
Dr Alan Taylor
Executive Chairperson
+61 (0)413 871 165
ataylor@claritypharm.com
Morrow Sodali
Catherine Strong
Investor/Media Relations
+61 (0)406 759 268
cstrong@citadelmagnus.com
About Clarity Pharmaceuticals
Clarity is a clinical stage radiopharmaceutical company focused on the treatment of serious disease. The Company is a leader in innovative radiopharmaceuticals, developing targeted copper theranostics based on its SAR Technology Platform for the treatment of cancer in children and adults.
IMPORTANT NOTICES
Forward looking statements
This announcement contains certain “forward-looking statements”. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors that are beyond the control of Clarity, its directors and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions.
Not an offer in the United States
This announcement has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction where it would be illegal. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. Persons who come into possession of this announcement should observe any such restrictions as any non-compliance could contravene applicable securities laws.
The information in this announcement is of general background and does not purport to be complete. It should be read in conjunction with Clarity’s other periodic and continuous disclosure announcements lodged with ASX Limited, which are available at www.asx.com.au
General
This announcement is subject to the same “Disclaimers” that appear on slides 2-5 (inclusive) of the investor presentation released to the ASX on 26 March 2024 with any necessary contextual changes.
Own enquiries
Investors should make and rely upon their own enquiries before deciding to acquire or deal in Clarity securities.
