- Neuren Pharmaceuticals (NEU) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until September 14 or when more details regarding the raise are released, whichever occurs first
- Yesterday, Neuren announced it had been granted orphan drug designation for NNZ-2591 in treating Prader-Willi syndrome
- A neurodevelopmental disorder, Prader-Willi causes obesity, shortness in height and intellectual disability due to a loss of function on chromosome 15
- Shares in Neuren last traded at $2.25 on September 9
Neuren Pharmaceuticals (NEU) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until September 14 or when more details regarding the raise are released, whichever occurs first.
Neuren is yet to disclose how much it intends to raise or what it will use the funds for once received.
On September 9, Neuren announced it had been granted orphan drug designation for NNZ-2591 in treating Prader-Willi syndrome.
A neurodevelopmental disorder, Prader-Willi causes obesity, shortness in height and intellectual disability due to a loss of function on chromosome 15.
Positive results were recently returned from a trial using a mouse model with treatment after six weeks normalising fat mass, insulin levels and behavioural deficits.
The aim of NNZ-2591 is to mimic the normal function of the brain and help control and normalise the biological process.
Shares in Neuren last traded at $2.25 on September 9. The company has a $264.6 million market cap.