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Argenica Therapeutics Limited (ASX:AGN)

ALERT: Price-sensitive ASX Announcement for AGN
Current share price for AGN : $0.140 -0.663 (-82.55%)+
Announcement
Release
28 Aug 2024 5:16PM
Price at Release
$0.803
Full Release
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Summary
Argenica Therapeutics Limited is advancing in the development of novel therapeutics aimed at reducing brain tissue death following strokes and other brain injuries, with a significant milestone achieved in March 2024 by dosing the first patient in its Phase 2 clinical trial for acute ischaemic stroke. The company also secured additional funding through a $12 million placement, contributing to a net loss of $5,479,488 for the financial year ending 30 June 2024. Despite this, Argenica reported substantial revenues from various sources, including R&D tax incentives and grants, and maintained a net asset position of $13,950,835.
Key Points
  • Argenica Therapeutics Limited is a biotechnology company developing novel therapeutics to reduce brain tissue death after stroke and other types of brain injury.
  • In late March 2024, Argenica dosed the first patient in its Phase 2 clinical trial in acute ischaemic stroke (AIS) patients.
  • The company achieved a significant milestone by progressing the safety study of ARG-007 in AIS patients.
  • Argenica secured additional funding in 2024 via a $12.0 million placement.
  • The company’s net loss after providing for income tax amounted to $5,479,488 for the financial year ending 30 June 2024.
  • Revenue recognized included a $2,089,308 R&D tax incentive rebate, $32,000 in non-dilutive contributions, government grant income of $476,629, and interest income of $192,085.
  • Operating expenses during the financial year related to research and developments costs, employee and corporate administration expenses, and non-cash share-based payments.
  • Net operating cash outflows for the financial year were $5,060,561, with an increase in payments to suppliers and employees.
  • Net financing cash inflows for the period were $11,634,065, including proceeds from a placement to professional and sophisticated investors and the exercise of options.
  • The company had a net asset position at 30 June 2024 of $13,950,835.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.