GenFleet Therapeutics (Shanghai) (HKG:2595) is seeking to raise net proceeds of about HK$466.9 million through the placement of 13.6 million new H-shares, according to a Hong Kong bourse filing on Wednesday.

The company is offering the shares at HK$34.69 each, representing a 9.71% discount to the last closing price.

The net proceeds will primarily be used to advance the clinical development of its RAS inhibitor pipeline, enhance its research and development platforms, and for working capital and general corporate purposes.

The new shares represent about 3.67% of the company's existing issued share capital and about 3.54% of its enlarged share capital after the placement.

Shares of the biopharmaceutical company were up over 11% in Wednesday afternoon trade.