Highlights

  • Percheron Therapeutics has received firm commitments for a $2.3 million institutional placement.
  • The company said the raising will fully fund its recently announced HMBD-002 clinical trial in acute myeloid leukaemia.
  • Placement shares will be issued at $0.005 each, an 8.9% premium to the 15-day VWAP before the 28 August trading halt.
  • Investors will receive one free-attaching option for every two new shares, subject to relevant Shareholder approvals.
  • The AML and MDS trial will be conducted by Vanderbilt Health in Nashville, Tennessee.

Percheron Therapeutics Limited (ASX:PER) has secured firm commitments for a $2.3 million institutional placement, with the company saying the proceeds will fully fund its newly announced HMBD-002 clinical trial in acute myeloid leukaemia and support general working capital.

Percheron shares were trading at AUD 0.0060, up 20.00%, during the morning session on 1 September 2026. The stock remained down 40.00% over the past year.

The raising follows Percheron’s 28 August 2026 announcement of a clinical trial agreement with Vanderbilt Health in Nashville, Tennessee, covering an investigator-sponsored study of HMBD-002 in acute myeloid leukaemia, or AML, and myelodysplastic syndrome, or MDS.

Placement Backs Clinical Program

The institutional Placement has been structured across three tranches and will issue up to 460 million new ordinary shares, together with free-attaching Options on a one-for-two basis.

Under Tranche 1, Percheron will issue 300 million new shares to unrelated investors using its available placement capacity under ASX Listing Rules 7.1 and 7.1A.

A further 150 million options associated with those shares will be subject to shareholder approval.

Tranche 2 provides for the issue of up to 138 million additional shares and up to 69 million options to unrelated participants, also subject to shareholder approval.

Under Tranche 3, Dr Michael Baker and related parties may subscribe for up to 22 million shares and 11 million options, subject to shareholder approval because of their related-party status.

The company intends to seek the relevant approvals at its 2026 Annual General Meeting scheduled for 7 October 2026.

Pricing Set Above VWAP

The new shares will be issued at $0.005 each.

Percheron said this represents an 8.9% premium to the 15-day volume-weighted average price of its shares before the Trading halt imposed on 28 August 2026.

The free-attaching options will carry an exercise price of $0.01 and expire on 15 April 2028.

That exercise price represents a 100% premium to the company’s last closing share price before the 28 August trading halt.

The option terms mirror those issued under Percheron’s entitlement offer announced on 16 March 2026.

Percheron intends to apply for ASX Quotation of the new options, subject to meeting applicable ASX and Listing Rule requirements. If quotation requirements are not met, the options will still be issued, assuming shareholder approval, but will remain unquoted.

Vanderbilt Trial Moves Into Focus

The key use of funds is Percheron’s newly announced clinical program involving HMBD-002.

The company entered into a clinical trial agreement with Vanderbilt Health on 28 August 2026 for an investigator-sponsored study in AML and MDS.

HMBD-002 is Percheron’s lead program and is a monoclonal antibody targeting VISTA, an immune checkpoint regulator.

The drug has already completed a Phase I clinical trial in patients with advanced cancer, where the company said it was generally safe and well tolerated.

Percheron aims to commence further clinical studies during CY2026, with the new Vanderbilt program forming part of that next stage.

Chair Dr Charmaine Gittleson said the placement fully funds the recently announced AML trial and thanked both existing and new investors for supporting the raising.

She said Percheron intends to work closely with the Vanderbilt team to expedite commencement of the study and provide regular updates as recruitment approaches.

Settlement Timetable

The first tranche of new shares is expected to settle on 7 September 2026.

Allotment and commencement of trading of those Tranche 1 shares is expected on 8 September 2026.

The company’s AGM is scheduled for 7 October 2026, when shareholder approval will be sought for the remaining share and option issues.

Subject to receiving those approvals, settlement of Tranches 2 and 3 is expected on 14 October 2026, with allotment and trading of the new securities expected to begin on 15 October 2026.

Percheron noted that the timetable is indicative and may change subject to the ASX Listing Rules and Corporations Act.

The new shares will rank equally with the company’s existing fully paid ordinary shares.

Existing Options Also Under Review

Percheron also provided an update on the 294.9 million unquoted options issued under its March 2026 entitlement offer.

The company intends to investigate available pathways to seek quotation of those options, subject to compliance with ASX Listing Rules.

This sits alongside the company’s intention to seek quotation for the new options being issued under the latest placement.

Institutional Support

Percheron said the placement was supported by both existing and new investors.

Blue Ocean Equities and Cygnet Capital acted as joint lead managers to the transaction.

The structure gives the company immediate funding from Tranche 1 while leaving the later portions subject to shareholder approval.

The raising also provides Working Capital alongside funding for the Vanderbilt AML and MDS clinical trial.

What Investors May Be Watching

The immediate focus now shifts to execution of the Vanderbilt study and the timing of recruitment.

Percheron has stated that the $2.3 million placement fully funds the AML trial, removing the need for the company to rely on additional funding for that specific study based on the information provided in the announcement.

Investors may also watch the 7 October AGM, where approval will be sought for Tranches 2 and 3 and the associated option issues.

Beyond funding, the next clinical milestones will centre on trial commencement, patient recruitment and subsequent study updates from the HMBD-002 program.

The company has not provided clinical outcome forecasts or a detailed recruitment timetable, but management has said it will aim to keep the market updated as the Vanderbilt study moves toward enrolment.