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- Neuren Pharmaceuticals (NEU) raises $3.3 million from its oversubscribed Share Purchase Plan (SPP)
- The SPP was completed on October 1 at $2.05 per share, with applications totalling around $3.3 million
- The company’s board has elected to accept the $1.3 million worth of over-subscriptions, rather than implement a scale-back procedure, with funds to go towards accelerating NEU’s treatment for neurodevelopmental disorders
- The fully paid ordinary shares are expected to be allotted under the SPP on Friday, with trading to commence on the ASX on Monday 11 October
- Neuren Pharmaceuticals is up 1.49 per cent, trading at $2.04 per share at 11:44 am AEDT
Neuren Pharmaceuticals (NEU) has raised $3.3 million from its oversubscribed Share Purchase Plan (SPP).
The SPP was completed on October 1 at $2.05 per share. Applications received by eligible shareholders totalled around $3.3 million, $1.3 million over the company’s targeted amount.
The company’s board has elected to accept the oversubscriptions, rather than implement a scale-back procedure.
A total of 1,601,470 new fully paid ordinary shares are expected to be allotted under the SPP on Friday, with trading expected to commence on a normal settlement basis on the ASX on Monday 11 October.
“Neuren is now in a strong financial position as we approach the Rett syndrome Phase 3 results for trofinetide and advance the development of NNZ-2591 for multiple neurodevelopmental disorders in parallel,” Neuren CEO Jon Pilcher said.
The total proceeds of $23.3 million from a placement and SPP are hoped to accelerate the development of Neuren’s treatment, NNZ-2591, for four neurodevelopmental disorders.
Funds will go towards a phase two clinical trial in Prader-Willi syndrome and the foundational work for phase three development across Prader-Willi, Phelan-McDermid, Angelman and Pitt Hopkins syndromes.
Neuren Pharmaceuticals is up 1.49 per cent, trading at $2.04 per share at 11:44 am AEDT.
