Propanc Biopharma, an Australian preclinical biotech developing proenzyme therapies for solid tumors, raised $4 million by offering 1 million shares at $4, the low end of the range of $4 to $6.
Because the company's deal size is less than $5 million at pricing, Propanc Biopharma will be excluded from Renaissance Capital's 2025 IPO stats.
The company works toward developing a novel approach to prevent recurrence and metastasis from solid tumors, using proenzymes that target and eradicate cancer stem cells in patients suffering from various types of cancers. Its lead product candidate, PRP, is a variation upon the company's formulation, and involves proenzymes, which are the inactive precursors of enzymes. The company claims to have conducted successful pre-clinical studies on PRP.
Propanc Biopharma plans to list on the Nasdaq under the symbol PPCB. D. Boral Capital and Craft Capital Management acted as joint bookrunners on the deal.
