- Biotechnology company Hexima (HXL) successfully completes its share purchase plan (SPP) and raises $1 million
- The SPP was oversubscribed with the company receiving $3.2 million in applications, resulting in a significant scale-back of the applications
- Under the plan, eligible shareholders were able to subscribe for up to $30,000 worth of shares which were priced at 32 cents
- Hexima will use the money to complete the preparation and submission of an investigational new drug application to the FDA
- Shares in Hexima are down 2.78 per cent on the market and are trading at 35 cents
Biotechnology company Hexima (HXL) has successfully completed its share purchase plan (SPP) and raised $1 million.
The SPP was oversubscribed, with the company receiving $3.2 million in applications, resulting in a significant scale-back of the applications.
Regarding shareholders with minimal holdings, Hexima used its discretion and rejected the applications.
The remaining applications were scaled back based on the shareholders’ pro-rata holdings with a minimum allocation of $1000.
Under the plan, eligible shareholders were able to subscribe for up to $30,000 worth of shares, which were priced at 32 cents.
Shares are expected to be issued on November 26 and begin trading on the ASX on November 29.
The share purchase plan follows the company’s recent placement, which saw it raise $10 million through the issue of 31.25 million shares priced at 32 cents.
Hexima will now use the money from both the placement and SPP to complete the preparation and submission of an investigational new drug application to the FDA for a clinical safety study in the US.
The money will also be used to finalise development to begin a phase three clinical trial program.
CEO and Managing Director Michael Aldrige commented on the share purchase plan.
“We would like to thank all shareholders who applied to participate in the SPP and who continue to support Hexima’s goal of developing pezadeftide as a novel topical treatment for onychomycosis,” Mr Aldridge said.
“Hexima is now well-positioned to complete preparations for its phase three trials, which it expects to commence in Q4 2022.”
Shares in Hexima were down 2.78 per cent on the market and were trading at 35 cents at 1:58 pm AEDT.