Cyclopharm Ltd. Raises A$14 Million to Accelerate U.S. Expansion and Announces Share Purchase Plan
Cyclopharm Ltd. (ASX: CYC), a Melbourne‑based radiopharmaceutical company specialising in lung and cancer tumour imaging agents, confirmed on 4 February 2026 that it has successfully completed an institutional placement of new fully‑paid ordinary shares, raising A$14 million before costs at a price of A$0.95 per share. The placement was strongly supported by a mix of existing and new institutional investors, underscoring confidence in Cyclopharm’s strategic trajectory.
In parallel, the company unveiled a Share Purchase Plan (SPP) capable of raising up to A$2 million (with the right to receive oversubscriptions) at the same share price. The SPP offers eligible shareholders an opportunity to participate in the funding round, providing an additional source of capital while preserving shareholder equity.
The capital raised will primarily support Cyclopharm’s expansion in the United States, where its Technegas® product has emerged as the largest individual market for the company. The company’s unaudited trading update for the twelve months ended 31 December 2025 highlighted a record operating revenue of AUD 32.3 million— a 17 % increase over FY2024. Technegas® revenue alone reached AUD 16.7 million, up 10 % year‑on‑year, with U.S. sales contributing AUD 2.7 million. These figures suggest a robust growth trajectory, reinforcing the need for additional capital to sustain momentum.
Cyclopharm’s CEO, James McBrayer, underscored that the placement and SPP would provide the liquidity required to accelerate product development, expand distribution channels, and deepen its presence in the U.S. market. The company’s financial health remains solid, with a market capitalisation of approximately AUD 130 million and a share price that has recently hovered near AUD 1.17. While the price‑earnings ratio is negative, reflecting the company’s investment‑intensive growth strategy, the recent revenue gains and successful capital raise signal a positive shift towards profitability.
On 2 February 2026, Cyclopharm requested a trading halt at its own discretion, pending the release of the placement announcement. The halt was lifted on 4 February 2026, once the company confirmed the successful completion of the placement and outlined its forthcoming SPP.
This sequence of events demonstrates Cyclopharm’s proactive approach to capital management, aligning investor confidence with its expansion objectives. The company’s next steps will involve deploying the new funds into U.S. operations and continuing to strengthen its product pipeline in the radiopharmaceutical sector.
