Australia's Chimeric Therapeutics slides on discounted placement

Chimeric Therapeutics

20/05/2025 05:52

** Shares of Chimeric Therapeutics CHM.AX fall 50% to A$0.004

** Stock set for its weakest session ever, if losses hold

** Stock hits lowest level since May 12

** Biotechnology firm receives firm commitments to raise A$6.6 million ($4.24 million) via a placement

** Placement issue price for A$0.004 per share, a 50% discount to stock's last close

** Says funds to be used for advancing development of its CHM CDH17 cell therapy for the treatment of gastrointestinal and neuroendocrine tumours

** More than 42 million shares change hands, 6.9 times the 30-day average

** Stock down 40% YTD, including current session's moves

($1 = 1.5562 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)

 ((Nikita.Jino@thomsonreuters.com;))