Melbourne, Australia; 22 June, 2012: Patrys Limited (ASX: PAB; Company), a clinical stage
biopharmaceutical company, is pleased to announce the completion of a share placement of AU$2
million to institutional and sophisticated investors managed by Forrest Capital Pty Ltd.
The institutional placement is part of a capital initiative to raise up to $2.9 million to fully fund the
Company’s operations including the continuing development of its human antibody technology. This
initiative will comprise the following:
1. The private placement of 100 million new shares, at an issue price of AU$0.02 per share, will
rank equally with existing shares, and will be conducted in two tranches. A total of 50
million new shares are to be issued under the 15% placement capacity of Patrys, with
settlement expected to occur on or about 27 June 2012. The balance of new shares to be
issued will be subject to shareholder approval at an Extraordinary General Meeting (EGM) to
be convened on or about 15 August 2012 (in accordance with ASX Listing Rule 7.1). The
Company is pleased to advise that the offer was supported by new and existing institutional
and sophisticated investors. Patrys will pay a capital raising fee of 6% on the funds raised.
2. In order to allow existing Eligible Shareholders (defined below) to participate in the capital
raising the Company will launch a share purchase plan (SPP). Under the SPP, Eligible
Shareholders will be able to purchase up to $15,000 worth of new fully paid ordinary shares
in the Company up to a total raising of $800,000. This offer is irrespective of the number of
shares an Eligible Shareholder currently holds. The Company will be issuing the shares
under ASIC Regulatory Guide 125 and relying on Class Order 09/425 for relief from issuing a
3. As non-resident directors, Mr Michael Stork and Ms Suzy Jones are not eligible to participate
in the SPP they will, subject to shareholder approval at the EGM, participate in the capital
raising at the same price for a total of 5 million shares raising a further $100,000.
The Company will also issue 50 million advisor options for a consideration of $5,000. The options
have an exercise price of 5 cents per share and are exercisable up to 30 June 2014.The issue of these
options offers the potential for a further cash injection of $2.5 million assuming the Company meets
its milestones and the share price exceeds the option exercise price.
Proceeds from the placement together with the SPP and existing finances will be used to:
? Execute the planned PAT-SM6 Phase I/IIa open label multi-dose clinical trial in multiple
? Further prepare PAT-LM1 for clinical trial
? Support out-licensing activities in respect of PAT-SC1
? Expand the pipeline through internal R&D
Patrys CEO, Dr. Marie Roskrow said: “Importantly, these funds will give the Company a cash run way
to the end of 2013 and allow us to fully execute the planned multiple myeloma trial. The Board and
Management believe that a positive outcome from this trial will be a significant value creating event
for the Company. Having secured these funds the Company will not have to worry about raising
further funds in the short term. It is also reassuring to know that in addition to these funds, if we
meet the endpoints for the multiple myeloma trial we will potentially have access to more funds
through the exercise of the options”.
Patrys Chairman, Mr. John Read added: “The Board has launched the SPP to allow existing Eligible
Shareholders to participate in the fund raising. The release of the multiple myeloma trial data and
any resultant increase in the share price is conducive to the exercise of the options. Clearly today’s
announcement removes the perceived need for funding. The Board believes that this is a desirable
course of action as it provides more certainty to all shareholders.”
In accordance with ASX Listing Rule 7.2, the issue price for shares offered under the SPP will be the
lower of 80% of the average market price that Patrys’ ordinary shares traded for on the ASX over the
last 5 days on which Patrys shares traded, either before 20 June 2012 or before the day the issue is
made subject to a minimum price of $0.02 per share (the issue price of the placement).
The SPP will provide the opportunity for Eligible Shareholders to participate in the financing without
incurring brokerage or transaction costs.
Eligible Shareholders are those shareholders whose registered addresses are within Australia or New
Zealand as at 7.00 p.m. (AEST) on 21 June 2011 (Record Date). Shareholders with a registered
address outside Australia or New Zealand at the Record Date (Excluded Shareholders) will not be
eligible to participate in the SPP.
A Notice of Meeting for the EGM will be mailed to all shareholders on or about 16 July 2012. A
written offer document for the SPP will be mailed to all Eligible Shareholders together with a
personalised Entitlement and Acceptance Form, on or about 16 July 2012.
For further information, please contact:
Dr. Marie Roskrow
Chief Executive Officer
P: +61 3 9670 3273
P: 0417 382 391
P: +61 3 9866 4722
About Patrys Limited:
Based in Melbourne, Australia, Patrys (ASX: PAB) is focused on the development of natural human antibody
therapies for cancer. More information can be found at www.patrys.com.
The natural human antibody PAT-SM6 has been shown to have potent anti-cancer properties in a large number
of laboratory and animal studies. More specifically, Patrys has now screened PAT-SM6 against more than 200
tumours from individual patients with various cancers, and the product binds to over 90% of the tumours
screened regardless of cancer type or patient age, gender or disease stage. With respect to melanoma, PAT-
SM6 has shown particularly strong promise. Patrys has filed patent applications to cover the PAT-SM6 antibody
molecule, disease target, and the mechanism of action. In October 2010, Patrys initiated a human clinical trial
to evaluate PAT-SM6 as a therapy for melanoma. This trial concluded in February 2012. The clinical trial took
place at the Royal Adelaide Hospital Cancer Centre and associated Pain and Anaesthesia Research Clinic and the
Princess Alexandra Hospital in Queensland.
About Multiple Myeloma:
Of the approximately 1,200 Australians who are diagnosed with multiple myeloma each year, almost all are
older than 40 years. Multiple myeloma is most common in people aged 60 years and older, and men are
affected more often than women. In the United States, an estimated 20,520 adults will be diagnosed annually
with multiple myeloma. It is estimated that 10,610 deaths from this disease will occur this year. The five-year
survival rate (percentage of people who survive at least five years after the cancer is detected, excluding those
who die from other diseases) of people with multiple myeloma is about 39%. However, several factors affect an
individual’s survival, such as the person’s age and overall health.
PAT-SC1 is a natural human IgM antibody that acts by binding to a special form of a protein, called CD55 that
appears on the surface of gastric cancer cells but not on the surface of healthy cells, thereby permitting PAT-
SC1 to kill the cancer cells while sparing the healthy cells. PAT-SC1 was evaluated in an investigator led human
clinical trial, at the University of Würzburg (Germany) Surgical Clinic, under which treated patients were dosed
with PAT-SC1 48 hours prior to a surgical procedure that involved the removal of the primary tumour (surgical
removal of the tumour is currently the standard treatment). Patrys recently announced ten year follow-up data
on 30 of the PAT-SC1 treated patients. Fifty-five per cent of those patients are still alive whilst only 30% of
the control group have survived, indicating that the treatment of gastric cancer patients with PAT-SC1 confers a
significant survival benefit.
PAT-LM1 is a natural human antibody that has been shown to have potent anti-cancer properties in a large
number of laboratory and animal studies. This lead product binds to a proprietary disease target that is
expressed on the surface of cancer cells, but not on the surface of the healthy tissues screened. With over 200
individual patient tumours screened, covering several different cancers, PAT-LM1 binds to nearly 98% of those
tumours regardless of cancer type, age, gender or disease stage. Patrys has filed patent applications to cover
the PAT-LM1 molecule, its disease target and the target epitope.