Cyclopharm Raises $14M to Accelerate US Technegas Rollout Post-FDA Approval

Cyclopharm secures $14 million placement to fast-track US Technegas rollout

Cyclopharm Limited (ASX: CYC) has raised $14 million (before costs) through a Cyclopharm USA Expansion Placement priced at $0.95 per share, with strong support from new and existing institutional investors. The capital will primarily fund the accelerated commercialisation of Technegas in the United States following FDA approval. In addition to the placement, the company has announced a $2 million Share Purchase Plan (SPP) offering retail shareholders the opportunity to subscribe for up to $30,000 worth of shares at the same $0.95 price.

The placement will see 14,736,842 new shares issued across two tranches. Managing Director James McBrayer stated the raise reflects institutional confidence in the company’s US strategy and growth objectives.

James McBrayer, Managing Director

“I am delighted with the support for the placement from both new and existing investors which will allow us to progress our US strategy and deliver on our growth objectives.”

How the placement structure works

The placement will be conducted in two tranches under the company’s existing 15% placement capacity pursuant to ASX Listing Rule 7.1, removing the need for shareholder approval.

Tranche 1 comprises 9,473,684 shares settling on 11 February 2026, whilst Tranche 2 consists of 5,263,158 shares allocated to sophisticated investors settling on 25 February 2026. All placement shares will rank equally with existing Cyclopharm shares on issue from their respective allotment dates.

Barrenjoey Markets Pty Ltd and Bell Potter Securities Limited acted as Joint Lead Managers to the transaction.

Share Purchase Plan details for retail shareholders

Eligible shareholders with registered addresses in Australia, New Zealand, or the United Kingdom as at 7.00pm Sydney time on 3 February 2026 may participate in the SPP. Each eligible shareholder can apply for up to $30,000 worth of shares at $0.95 per share, matching the institutional placement price.

The SPP is non-underwritten and will raise up to $2 million, though the company reserves the right to accept oversubscriptions in its absolute discretion. If oversubscribed, scale-backs may be applied based on when applications were received.

The SPP booklet containing full terms and conditions will be dispatched to eligible shareholders on 12 February 2026, with the offer closing on 5 March 2026. SPP shares are expected to be allotted on 12 March 2026, with normal trading commencing 13 March 2026.

What is Technegas and why does US market access matter?

Technegas is a structured ultra-fine dispersion of radioactive labelled carbon used in functional lung ventilation imaging. The technology involves heating dried Technetium-99m in a carbon crucible to approximately 2,700°C for a few seconds, producing a gas-like substance that patients inhale via a breathing apparatus.

The inhaled substance enables functional ventilation imaging under gamma or single photon emission computed tomography (SPECT) cameras. Historically, Technegas has been used primarily for diagnosing pulmonary embolism, but its applications are expanding significantly.

Advancements in complementary technology, multimodality imaging, and analytical software have positioned Technegas for use in diagnosing and managing chronic obstructive pulmonary disease (COPD), asthma, and pulmonary hypertension. The technology is also being utilised in interventional applications, including lobectomies for lung cancer treatment and lung volume reduction surgery.

FDA approval has opened access to the United States, the world’s largest healthcare market. The Cyclopharm USA Expansion Placement is designed to capitalise on this opportunity by funding commercial infrastructure, distribution networks, and market penetration activities.

How Cyclopharm plans to deploy the capital

Funds raised through the placement and SPP will be allocated to the following priorities:

1. Accelerate commercial rollout of Technegas in the USA
2. Advance Beyond PE growth initiatives targeting expanded clinical applications
3. Develop the next generation Technegas system
4. Working capital requirements

The company has identified US market penetration as the primary use of proceeds, reflecting the significant revenue opportunity presented by FDA approval. Beyond PE initiatives refer to expanding Technegas applications beyond pulmonary embolism diagnosis into the broader respiratory disease management market.

Investment in next generation system development aims to maintain the company’s technological leadership and competitive positioning in the global radiopharmaceutical market.

Key dates for shareholders

The following timetable outlines critical dates for both the placement settlement and SPP participation:

The company reserves the right to alter these dates subject to ASX Listing Rules and the Corporations Act, with commencement of trading for new shares subject to ASX confirmation.

What this means for Cyclopharm’s investment case

The $14 million raise positions (ASX: CYC) to execute its US commercialisation strategy following FDA approval of Technegas. Strong institutional participation at $0.95 per share signals confidence in the company’s ability to capture market share in the world’s largest healthcare market. Retail shareholders retain proportional ownership opportunity through the SPP at the same institutional price, maintaining alignment across the shareholder base.

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