How Race Oncology raised $29.7m in an oversubscribed Share Purchase Plan (SPP).
An ASX-listed biotechnology company that came to InvestorHub to raise sustainable capital from retail through a share purchase plan.
- Industry
- Biotech
Problem
To fund the next stage of clinical trials for its next-generation anti-cancer drug, Zantrene, Race Oncology needed to raise more capital, and wanted to do it sustainably, from its own retail shareholder base rather than through a discounted placement.
Impact
The campaign exceeded expectations, capturing $43.9m of oversubscribed bids from 2,340 participating shareholders within three weeks. Race Oncology raised $29.7m in a heavily oversubscribed Share Purchase Plan, entering 2022 with the funding required to continue the development of Zantrene, and demonstrating the impact of proactive shareholder engagement on capital-raising outcomes.
- $43.9m
- In bids
- $29.7m
- Raised
- 2,340
- Participating shareholders
- 3 weeks
- To complete the SPP
InvestorHub gave us a deeper understanding of our shareholder base at scale and was able to show us, through data and evidence, that we could raise the required funds solely through a shareholder offer. Their technology made it easier to communicate with our shareholders en masse, answering their questions as well as optimising allocations as the result of oversubscriptions.
How they did it
- 1
Measuring capital potential
InvestorHub's ability to measure and model capital-raising potential predicted a reliable $20m raise for Race Oncology via an SPP, the data and evidence the team needed to back a shareholder-only offer.
- 2
Launching the campaign
Partnering with InvestorHub, Race Oncology launched the share purchase plan across November and December 2021, communicating with shareholders en masse and answering their questions throughout.
- 3
Optimising oversubscribed allocations
As bids poured in well beyond expectations, InvestorHub helped optimise allocations in response to the oversubscription, rewarding the shareholders who backed the offer.
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