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Exopharm (ASX:EX1) eyes $12M placement to speed up development activities

Health Care
ASX:EX1      MCAP $1.933M
20 April 2021 14:10 (AEST)

Regenerative medicine company Exopharm (EX1) has received firm commitments to raise $12 million.

All up, 16,666,667 shares will be issued to institutional and sophisticated investors at 72 cents.

Exopharm originally planned to raise $6 million but received applications totalling well over that.

Canary Capital will act as lead manager, and Alto Capital will act as broker. Both companies will receive a six per cent fee on the funds raised.

Once received, Exopharm will use the money to speed up its development activities and support future partnerships and licences.

“The proceeds from the capital raise together with the 2021 research and development rebate later in the year will put the company in a strong financial position to realise its strategy of becoming a world leader in exosome medicines through the commercialisation of its technology platforms,” CEO Dr Ian Dixon said.

“This additional funding provides an operational runway into CY 2022 and supports our partnering efforts,” he added.

Shares are expected to settle on April 27 and be issued on April 30.

Exopharm is down 9.24 per cent on the market, and shares are trading at 83.5 cents at 12:50 pm AEST.

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