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Clinical-stage biotech Syntara Limited (ASX: SNT) has secured firm commitments to raise $8 million through an institutional placement as part of a $10 million capital raise, with proceeds earmarked for five clinical trial readouts this calendar year and preparatory work for a Phase 2b study of its lead asset amsulostat in myelofibrosis.
The two-tranche placement will issue 296.3 million new shares at 2.7c each, representing a 15.6 per cent discount to the company's last closing price on 24 April 2026.
Syntara also intends to offer eligible shareholders the opportunity to participate in a non-underwritten share purchase plan targeting $2 million, bringing the total capital raising to $10 million.
The raise follows a positive Type C meeting with the US Food and Drug Administration, announced on 28 April, in which the regulator endorsed Syntara's proposed design for a 100-patient, placebo-controlled Phase 2b trial of amsulostat in myelofibrosis patients with an inadequate response to JAK inhibitor therapy.
Amsulostat is an oral, pan-lysyl oxidase inhibitor in clinical development by Syntara that is aimed primarily at treating the bone marrow cancer myelofibrosis.
The company expects the trial to commence in the fourth quarter of 2026.
“We’re very grateful for the strong support from our shareholders and new investors in this capital raising, stemming from the positive FDA review of our clinical development plan and Phase 2b protocol for amsulostat," says Syntara CEO Gary Phillips.
"With this injection of capital Syntara is now very well positioned to deliver data from the five clinical studies currently under way for its three pipeline programs and explore the associated commercial potential.”
Amsulostat, also designated SNT-5505, is a serine protease inhibitor that Syntara is positioning as a differentiated add-on therapy for patients already on JAK inhibitors such as ruxolitinib.
The global myelofibrosis market was valued at US$2.2 billion ($3.4 billion) in 2024 and is forecast to reach US$5.6 billion by 2034, according to healthcare analytics firm DelveInsight.
Ruxolitinib, marketed as Jakafi, accounts for about US$1.5 billion of current market revenue.
Placement proceeds, combined with existing cash reserves, give Syntara a pro forma cash position of $20.3 million and a runway through to the third quarter of 2027.
That figure includes a $1.7 million milestone payment from Parkinson's UK received in March 2026.
The funds will be directed toward five clinical study readouts expected in calendar year 2026, Phase 2b preparatory work including protocol finalisation, contract research organisation selection and formulation development, as well as licensing discussions and patent strengthening activities.
The first tranche of $6.6 million does not require shareholder approval and is expected to settle shortly, while the second tranche of $1.4 million is subject to shareholder approval at an extraordinary general meeting scheduled for June.
Syntara reported cash of $10.5 million and a net loss of $5.9 million for the half year ended 31 December 2025.
Beyond myelofibrosis, the company has clinical programs under way across multiple indications.
Its pipeline includes studies in idiopathic pulmonary fibrosis, Parkinson's disease and chronic kidney disease, all of which are expected to deliver data during 2026.
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