Argent BioPharma has secured an A$11 million funding facility to complete its acquisition of AusCann Group Holdings’ core assets, and advance its pathway to a dual listing on a US stock exchange.
In an announcement to the ASX, the company said it entered into a financing agreement with two US-based funds managed by C/M Capital, triggering an immediate A$3 million drawdown to finalise the AusCann transaction and support working capital.
Argent first outlined the AusCann deal in August – a US$15 million (A$23 million) acquisition covering the Neuvis emulsifying hard-shell capsule platform, the firm’s 48% shareholding in CannPal Animal Therapeutics and its 19.99% stake in WA-based European firm ECC Pharm.
Argent said the funding, which scales to A$11 million over 18 months, provides more than a year of “operating runway” for the expanded business model and would help it “advance towards a US stock exchange listing with strengthened momentum”.
Managing director Roby Zomer said C/M Capital’s backing showed clear confidence in the firm’s strategy.
“Their decision to partner with Argent BioPharma reflects a clear alignment with our strategy and confidence in the milestones ahead, including the completion of the AC8 asset integration and our progression toward a US national market listing,” he said.
“Working alongside a fund and fund manager with deep expertise in the US capital markets brings additional insight and discipline that will support our next phase of growth.
“This partnership strengthens our operational and financial position, and we look forward to advancing Argent as a fully funded, efficient, and globally focused biopharmaceutical company.”
As part of the transition, AusCann non-executive chairman Andrew Chapman will join the board as an executive director, with Zomer shifting into the role of non-executive chairman.