Malaysian Biotech CytoMed Therapeutics (GDTC) has raised $15M in a public offering.
CytoMed did not state in writing the number and price of the units it intends to offer but indicated in the and written salary schedule that it wants to raise about $15M.
The company hopes to list its shares on the Nasdaq under the symbol GDTC. Benchmark Co. and Axiom Capital Management are serving as bookrunners.
Incorporated in Singapore, CytoMed does most of its operations in Malaysia. The company has been developing cell-based immunotherapies for the treatment of cancer. It expects to use the proceeds from the IPO to advance the two directors who will enter Phase 1 testing.
A pre-clinical stage company, CytoMed is operating in the red. For the six months ended June 30, CytoMed reported a net loss of $1M and no cash flow.
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