ASX & Media Release

Patrys Closes Capital Raising to Institutional and

Sophisticated Investors to Accelerate Development of Deoxymab Platform

Melbourne, Australia; May 16, 2018: Patrys Limited (ASX: PAB), a therapeutic antibody development company, is pleased to announce that it has received firm commitments from institutional and sophisticated investors for a share placement to raise $3.5 million (before costs).

The single tranche placement of new fully paid ordinary shares in Patrys is priced at $0.034 (3.4 cents) per share, a 10.5% discount to the closing price on May 11, 2018. The new shares will be issued under ASX Listing Rule 7.1. The placement is expected to settle on Tuesday, 22 May 2018.

Somers and Partners Pty Ltd acted as lead manager to the Placement.

"Patrys is pleased to announce that this oversubscribed share placement attracted strong demand from institutional investors," said Dr. James Campbell, Chief Executive Officer and Managing Director of Patrys. "We believe this result is indicative of strong investor interest in our efforts to develop anticancer therapies based on the Deoxymab platform, which has created a novel position in the field of DNA damage repair antibody therapeutics."

"The capital raising highlights the rapid transformation of Patrys over the past two years and the value added to the Deoxymab platform of assets inlicensed from Yale University in 2016," added Dr. Campbell.

Funds raised will be used to accelerate the development of Patrys' Deoxymab platform, with a range of new preclinical studies planned to create shareholder value by supporting business development efforts, as well as corporate activities including insurance claim prosecution.

-Ends-

For further information, please contact:

Patrys Limited:

Patrys IR:

James Campbell

Ben Walsh

Chief Executive Officer

WE Buchan

P: +61 3 96703273

P: +61 2 9237 2801

info@patrys.com

bwalsh@buchanwe.com.au

About Patrys Limited:

Based in Melbourne, Australia, Patrys (ASX: PAB) is focused on the development of antibodies as therapies for a range of different cancers. Patrys has a pipeline of anti-cancer antibodies for both internal development and as partnering opportunities. More information can be found atwww.patrys.com.

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Patrys Limited published this content on 16 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2018 04:42:01 UTC