Percheron secures $2.3 million placement to fully fund new AML clinical trial
Percheron Therapeutics (ASX: PER) has received firm commitments for a $2.3 million (before costs) institutional placement, providing the capital to fully fund its recently announced clinical trial in acute myeloid leukaemia (AML) to be performed by Vanderbilt Health.
The raise was strongly supported by both existing and new investors, according to the Company. New Shares will be issued at $0.005 per New Share, representing a 8.9% premium to the 15-day volume weighted average price (VWAP) of the Company’s shares prior to the trading halt on 28 August 2026.
A premium pricing on a small-cap placement is an uncommon feature, indicating solid investor demand for the transaction and the underlying clinical strategy it supports.
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Inside the placement structure
The placement is structured across three tranches, each with distinct share and option components and approval requirements. The transaction includes one free-attaching option for every two New Shares subscribed for and issued.
| Tranche | New Shares | New Options | Participants | Approval Status |
|---|---|---|---|---|
| Tranche 1 | 300,000,000 | 150,000,000 | Unrelated participants (LR 7.1: 150,862,330 and LR 7.1A: 149,137,670) | Shares under placement capacity; options subject to shareholder approval |
| Tranche 2 | Up to 138,000,000 | Up to 69,000,000 | Unrelated participants | Subject to shareholder approval |
| Tranche 3 | Up to 22,000,000 | Up to 11,000,000 | Dr Michael Baker and related parties (related party of the Company) | Subject to shareholder approval |
Relevant shareholder approvals are intended to be sought at the Company’s 2026 annual general meeting (AGM) to be held on 7 October 2026.
The New Options carry the following terms:
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Strike price of $0.01, representing a 100% premium to the last close price of the Company’s shares prior to the 28 August 2026 trading halt.
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Expiry date of 15 April 2028, the same terms as the options issued under the entitlement offer announced on 16 March 2026.
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The Company intends to apply for ASX quotation of the New Options, subject to compliance with ASX and the Listing Rules. Should the requirements not be met, the New Options will still be issued (assuming receipt of shareholder approval) but will remain unquoted.
The New Shares will rank equally with the Company’s existing fully paid ordinary shares. Blue Ocean Equities and Cygnet Capital acted as joint lead managers to the placement.
What the funding unlocks — the Vanderbilt AML trial
The placement is directly tied to Percheron’s clinical pipeline. As announced on 28 August 2026, the Company entered into a clinical trial agreement with Vanderbilt Health in Nashville, TN, to conduct an investigator-sponsored clinical trial of its HMBD-002 in acute myeloid leukaemia (AML) and myelodysplastic syndrome (MDS).
Funds raised from the placement will be applied towards the costs associated with the trial, and for general working capital.
The Vanderbilt AML and MDS trial will test HMBD-002 in combination with azacitidine and venetoclax across up to 38 patients, with Vanderbilt leading trial design, execution, and FDA interactions under an investigator-sponsored structure that keeps the capital requirement for Percheron relatively contained.
Dr Charmaine Gittleson, Chair, Percheron Therapeutics
“This transaction fully funds the recently announced clinical trial in AML that is to be performed by Vanderbilt Health… We look forward to working closely with the Vanderbilt team to expedite commencement of the study and will aim to provide regular updates as it moves towards starting recruitment.”
Understanding HMBD-002 and why VISTA matters
Percheron’s lead program is HMBD-002, a monoclonal antibody targeting the immune checkpoint regulator known as VISTA. A monoclonal antibody is a laboratory-produced protein designed to bind to a specific target in the body.
An immune checkpoint is a natural control mechanism that regulates the strength of the body’s immune response. Some tumours exploit these checkpoints to evade detection, effectively switching off the immune system’s ability to attack cancer cells. Targeting a checkpoint regulator such as VISTA is of interest in oncology because it may help restore the immune system’s capacity to identify and attack tumours.
HMBD-002 has completed a Phase I clinical trial in patients with advanced cancer, which the Company reports showed the drug to be generally safe and well-tolerated.
Phase I results across 48 patients treated at six US clinical centres confirmed HMBD-002’s safety and tolerability, established a recommended Phase II dose of 720mg weekly, and produced the first-ever public biomarker data validating VISTA blockade as a mechanism of action.
For investors, expanding HMBD-002 into AML and MDS broadens the program’s potential reach across oncology and rare diseases, the Company’s stated area of focus.
Key dates and what comes next
The following timetable outlines the near-term roadmap for the placement. The Company notes the timetable is indicative only and subject to change.
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Trading halt lifted / Placement announced — 1 September 2026
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Settlement of Tranche 1 New Shares — 7 September 2026
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Allotment and commencement of trading of Tranche 1 New Shares — 8 September 2026
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2026 AGM (shareholder approvals) — 7 October 2026
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Expected settlement of Tranche 2 and Tranche 3 New Shares — 14 October 2026
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Expected allotment and commencement of trading of Tranche 2 and Tranche 3 New Shares and New Options — 15 October 2026
For investors, the raise removes near-term funding uncertainty around the AML trial, with Percheron stating it aims to commence further clinical trials in CY2026.
Separately, the Company issued 294.9 million unquoted options (PERAQ) as part of the entitlement offer announced on 16 March 2026. Subject to compliance with the ASX Listing Rules, the Company intends to investigate the available processes to seek quotation of these options.
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