MELBOURNE, Australia, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Telix Pharmaceuticals Limited (“Telix”, the “Company”), an Australian biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or “molecularly-targeted radiation” (MTR), has successfully raised $50 million following the close of its fully underwritten Initial Public Offering (IPO). The IPO was strongly supported by institutional investors internationally and domestically, as well as by retail investors in Australia.
Telix’s shares are due to begin trading on the Australian Securities Exchange (ASX) on 15th November 2017 under the ticker code TLX. The IPO, with a total of 77.0 million shares issued at $0.65 per share, gives Telix a market capitalisation of $128 million. The IPO was fully underwritten by the Lead Managers, Taylor Collison Limited and Wilsons Corporate Finance Limited.
The IPO was also strongly supported by existing shareholders, which include both industry partners and domestic institutional investors such as Acorn Capital, CVC, Monash Investors, Viburnum Funds, Alium Capital Management and Allan Moss. Fidelity International is a cornerstone investor in the IPO and will hold approximately 10% of the issued capital of the Company upon completion of the IPO.
Telix Co-Founder and CEO Dr. Christian Behrenbruch said the company was delighted with the strong support from investors.
“We would like to thank both existing and new investors for their support of the IPO and look forward to sharing the next phase of our journey with our shareholders. With established clinical data and several well-defined value inflection points in the coming months, this financing will enable Telix to deliver significant clinical and commercial outcomes.”
Telix Co-Founder and Chief Medical Officer Dr. Andreas Kluge noted, “We started the Telix journey over two years ago with the goal of creating momentum in a field of medicine that has great clinical potential but is only just starting to hit its commercial stride. We have built a company that we believe will have meaningful patient impact in disease areas with major unmet diagnostic and therapeutic need.”
Proceeds from the IPO will provide capital to fund the development and completion of clinical trials for Telix’s pipeline in renal (kidney), prostate and brain cancer (glioblastoma), and assist the Company to complete multiple clinical and product development milestones over the next 24 months.
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Source:Telix Pharmaceuticals Limited