CytoMed Therapeutics Limited ( today announced the pricing of its initial public offering of its 2,412,369 ordinary shares at a price of US$4.00 per share, for gross proceeds of US$9,649,476.00 before deducting underwriting discounts, commissions and offering expenses. In addition, CytoMed has granted the underwriters a 45-day option to purchase up to an additional 361,855 ordinary shares solely to cover any over-allotments. The ordinary shares are expected to begin trading on the Nasdaq Capital Market under the ticker symbol “GDTC” on April 14, 2023, and the offering is expected to close on April 18, 2023, subject to customary closing conditions.
The net proceeds from the initial public offering will be used to advance the clinical development of the Company’s CTM-N2D product candidate; to continue technology development of the Company’s iPSC-gdNKT product candidate; to advance clinical development of the Company’s CTM-GDT product candidate; and the remainder to fund R&D activities and manufacturing expansion, and for working capital and general corporate purposes.
The Benchmark Company, LLC is acting as the Bookrunning manager and Axiom Capital Management, Inc. is acting as a co-managing underwriter, in connection with the offering.
