SYDNEY, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Cambium Bio Limited (ASX:CMB) (Cambium Bio, Cambium or Company), a clinical-stage regenerative medicine company focusing on the development of innovative biologics for ophthalmology and tissue repair applications, is pleased to announce the successful completion of a A$3.0 million capital raising.
Key Highlights:
- Capital raising of A$3.0 million completed at A$0.4637 per share, representing a 25% discount to the 5-day Volume Weighted Average Price (VWAP) up to and including 2 December 2024
- Strong support from new strategic investor AventaCell Biomedical Corp and existing major shareholder Zheng Yang Biomedical Technology
- Additional participation from Cambium Bio directors, CEO, and Australian institutional and sophisticated investors
- Proceeds to advance Phase 3 clinical development of Elate Ocular® for dry eye disease
The capital raising, which was approved by shareholders at the Annual General Meeting held on 26 November 2024, comprises:
- A$1.5 million strategic investment from AventaCell Biomedical Corp
- A$0.25 million investment from Zheng Yang Biomedical Technology
- A$0.146 million from Cambium Bio directors
- A$1.054 million from Cambium Bio CEO, Australian institutional, sophisticated and other investors
Cambium Bio CEO, Karolis Rosickas, commented: "We are delighted with the strong support received in this capital raising, particularly from AventaCell Biomedical Corp as a new strategic investor. AventaCell's global leadership in cell culture supplements using our human platelet technology makes them an ideal partner as we advance our therapeutic programs. The participation of our existing major shareholder ZYBT, along with directors and management, demonstrates continued confidence in our strategy and clinical and commercial potential of Elate Ocular®."
Use of Funds
The proceeds will primarily support the advancement of Elate Ocular® through its registration-enabling Phase 3 clinical trials for dry eye disease, which are planned to commence in calendar Q2 2025. The funds will also provide working capital for the Company's ongoing operations.
For further information, please contact:
Helen Leung
Corporate Secretary
info@cambium.bio
1 300 995 098
