The Board of Innate Immunotherapeutics Limited (ASX:IIL) (“Innate”) has resolved to proceed with both a private placement (“Placement”) and rights issue (“Rights Issue”) to raise additional working capital of A$5,425,000.
Innate intends to use the proceeds of the Placement and Rights Issue to:
- complete the phase 2B randomized, double-blind, placebo-controlled trial of the efficacy and safety of Innate’s drug candidate MIS416 for the treatment of subjects with Secondary Progressive Multiple Sclerosis (SPMS);
- advance the development of an industrial scale manufacturing method for the production of MIS416;
- seek approval from the United States Food and Drug Administration for an Investigational New Drug programme in the United States;
- continue the preclinical evaluation of a possible oral formulation of MIS416; and
- for additional working capital.
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