- Biotech company Next Science (NXS) has completed its oversubscribed share purchase plan (SPP)
- On September 17, the company announced it had received firm commitments to undertake an $8 million placement and $5 million SPP
- Next Science today announced it has received valid SPP applications totalling $9.2 million, with the oversubscriptions warranting a scale-back of applications
- Shares in the SPP were priced at $1.18 a pop and will be issued on October 19 and begin trading on the ASX on October 20
- The company will use the money to provide working capital to support the launch of its XPerience Surgical Rinse in the U.S.
- Next Science has ended the day a slight 1.21 per cent in the red with shares trading for $1.23 each
Biotech company Next Science (NXS) has completed its oversubscribed share purchase plan (SPP).
On September 17, the company announced it had received firm commitments to undertake an $8 million placement and $5 million SPP.
Next Science today announced it has received valid SPP applications totalling $9.2 million, with the $4.2 million in oversubscriptions warranting a scale-back of applications.
Shares in the SPP were priced at $1.18 a pop, representing a two per cent discount to the five-day volume weighted average price.
Shares will be issued on October 19 and begin trading on the ASX on October 20.
Next Science will use the money from both the SPP and placement to provide working capital to support the launch of its XPerience Surgical Rinse in the U.S., along with other commercialisation activities.
“I am pleased with the level of participation in the SPP, successfully completing our $15 million capital raise,” Managing Director Judith Mitchell said.
“The monies raised under the placement and SPP ensure that we are well placed to fund the commercial launch of XPerience Surgical Rinse in the U.S. market in the first half of 2021 (subject to FDA clearance),” she added.
Next Science has ended the day a slight 1.21 per cent in the red, with shares trading for $1.23 each in a $230.5 million market cap.