Radiopharm Theranostics (RADX) shares were down over 15% in recent Monday premarket activity after the company said it has received firm commitments to raise about 35 million Australian dollars ($22.7 million) through an institutional private placement.

The company said it will offer shares at AU$0.03 per share, representing a discount of 18.9% to the stock's last close of AU$0.037 on Oct. 15.

Lantheus will invest AU$7.6 million under the placement, thereby increasing its stake in the company to 14.5%, Radiopharm said.

The company said it has also launched a share purchase plan for existing eligible shareholders in Australia and New Zealand to raise a further AU$5 million. Investors participating in the placement and the share purchase plan will receive one free attaching option for every new share subscribed, which can be exercised at AU$0.039 until Oct. 31, the company said.

Radiopharm said that proceeds will be mainly used to fund drug manufacturing, clinical trials, and working capital, extending the funding runway into 2027.

Price: 6.00, Change: -1.11, Percent Change: -15.61