Urteste is “almost ready” for the first talks on the commercialization of the Panuri project (pancreatic cancer test) with partners indicated by the transaction advisor – Clairfield Partners LLC, CEO Grzegorz Stefański announced.
“The talks are going on and have been going on before, without Clairfield. However, today we are preparing and we are almost ready for the first talks with the partners indicated by Clairfield, and this approach assumes that commercialization can take place even before the start of clinical trials, and certainly before the end of these trials. We certainly won’t wait to talk until this research is completed. This period of commercialization is ongoing, and thanks to the cooperation with Clairfield, it will accelerate,” said Stefański during the press conference.
In the announcement, the company announced that clinical trials of Panuri are to start in the second half of 2023 and be completed by the end of 2025.
Today, the company has launched a public offering of 395,286 new series E shares with the publication of the prospectus. It wants to raise up to PLN 52 million net necessary to achieve its goals by the end of 2025. Of this, PLN 31 million plans to allocate PLN 31 million to clinical trials in the priority PANURI project .
“We assume that we will collect these funds, and with this approach we are launching this offer. However, if it turns out that the scenario is less optimistic, the funds that will allow the company to operate for the next 12 months are PLN 7 million. So collecting even this amount will allow us to operate the company. Of course, then we will not launch a clinical trial for pancreatic cancer, but the company will live, it will develop further prototypes for other cancer indications,” said Tomasz Kostuch, board member, when asked about the possible failure of the public offering.
The coordinator of the offer is Dom Maklerski BOŚ.
The timetable for the public offering is as follows:
- March 20, 2023 – publication of the prospectus (launch of the offering)
- March 21 – April 3, 2023 – road show
- April 3, 2023 – setting a maximum price or price range
- April 4, 2023 – bookbuilding
- April 5, 2023 – determination and publication of the price of the offered shares and the final number of the offered series E shares (including division into tranches)
- April 11-20, 2023 – subscriptions for series E shares in the small investor tranche
- April 11-24, 2023 – subscriptions for shares offered in the tranche of large investors
- until April 24, 2023 – possible subscriptions for shares offered by substitute investors
- April 26, 2023 – allocation of offered shares
- approximately 3 weeks from the allotment of the offered shares – expected date of admission to trading
Urteste specializes in creating innovative technology for detecting cancer at the early stages of development. The company debuted on the NewConnect market in 2021.