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- Suda Pharmaceuticals (SUD) receives firm commitments to undertake a $3.65 million capital raising
- More than 96 million shares will be issued to institutional and sophisticated investors at 3.8 cents
- This price represents a five per cent premium to Suda’s closing price on June 17 of 3.6 cents
- Once received, Suda will use the money to fund the initial development of the iNKT cell therapy platform which is used to treat blood cancer
- Suda is up a steady 38.9 per cent on the market with shares trading at 5 cents at 12:55 pm AEST
Suda Pharmaceuticals (SUD) has received firm commitments to undertake a $3.65 million capital raising.
The funds will be raised through the issue of up to 96,163,997 ordinary shares to institutional and sophisticated investors at 3.8 cents.
This price represents a five per cent premium to Suda’s closing price on June 17 of 3.6 cents.
Suda originally planned to raise $3 million but due to receiving strong interest, it increased it to $3,654,231.
Once received, the company will use the money to fund the initial development of the iNKT cell therapy platform.
The iNKT cell therapy was developed by Professor Anastasios Karadimitris and can be used in conjunction with chimeric antigen receptors to treat blood cancer.
“We have been screening assets from around the globe and we are delighted that we have acquired the exclusive, global licence to the iNKT cell therapy platform from Imperial College London,” CEO and Managing Director Dr Michael Baker said.
“We are looking forward to a close relationship with Imperial College London as we continue to develop the technology for clinical trials.”
Suda was up a steady 38.9 per cent on the market with shares trading at 5 cents at 12:55 pm AEST.
