On July 11 Asit Biotech SA (BR:ASIT) raised €12m in commitments in a heavily oversubscribed convertible bond placement. In raising this additional capital, ASIT outlined the primary use of the proceeds which is to fund the Phase III study of its short-course grass pollen allergy immunotherapy (AIT) product gp-ASIT+. An update was provided on its earlier-stage products – house dust mite and peanut allergy AITs. We speculated on the latter in our initiation note and it is now confirmed.
Good news fund-raising
ASIT biotech’s €12m convertible bond (CB) fund-raising was heavily over-subscribed and the committed capital will be paid in equal tranches over the next 20 months. Proceeds from the placement will fund the second confirmatory Phase III study for the company’s grass pollen AIT, which is expected to start recruiting patients in Q418 and report in Q419. In addition, the funding allows the continued development of ASIT’s second product – hdm-ASIT+ – the house dust mite AIT and the third product, which we had previously termed a food allergy AIT, and has now been announced as a peanut allergy AIT (pnt-AIST+).
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