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Propanc Biopharma Inc. (PPCB) completed an initial public offering and began trading on the Nasdaq Capital Market on August 15. The biopharmaceutical company raised $4 million through the sale of 1 million shares at $4.00 per share, with the offering closing on August 18.
The Melbourne-based company develops cancer treatments using pancreatic proenzymes. Its lead product candidate, PRP, consists of trypsinogen and chymotrypsinogen from bovine pancreas administered intravenously. The company plans to submit a clinical trial application for a Phase 1B study by the first half of 2026, targeting 30 to 40 advanced cancer patients with solid tumors at Peter Mac Cancer Center in Australia.
"The Propanc management team are excited to achieve our goal of completing our initial public offering and up-listing to Nasdaq, which will help advance PRP into the clinic," said James Nathanielsz, chief executive officer.
The company expanded its leadership team in mid-August, appointing a chief financial officer and two non-executive directors. Propanc also granted underwriters a 45-day option to purchase up to 150,000 additional shares at the offering price.
Following the planned Phase 1B study, the company intends to initiate two 18-month Phase 2 studies evaluating PRP in up to 60 patients each with pancreatic adenocarcinoma and epithelial ovarian cancer. The company is also developing Rec-PRP, a synthetic version of its lead compound, with pharmacology studies planned for the first quarter of 2026.
Propanc has raised approximately $30 million since its founding, according to the company’s statement.