- Pharmaxis (PXS) has announced its oversubscribed share purchase plan (SPP) has raised $2.6 million
- The company says it will accept all eligible applications and issue around 24.6 million fully paid shares, which will rank equally with existing shares from December 22
- The new shares will be issued at 10.5 cents per share, the same price investors paid under the placement announced on November 17
- Pharmaxis chief executive officer, Gary Phillips, says the funding will assist the company in conducting two phase 2a clinical studies of its lead drug in cancer and a study of its topical drug in patients with wound and burns scarring
- Pharmaxis finished the day of trading at 11 cents
Pharmaxis (PXS) has announced its oversubscribed share purchase plan (SPP) has raised $2.6 million.
The company says it will accept all eligible applications and issue around 24.6 million fully paid shares, which will rank equally with existing shares from December 22.
The new shares will be issued at 10.5 cents per share, the same price investors paid under the placement announced on November 17.
While the SPP was initially targeting $2 million, the company accepted the oversubscriptions to ensure all shareholders would receive their full allotments.
Pharmaxis chief executive officer, Gary Phillips, says the funding will support company studies.
“The total of $9.8 million raised from the SPP and placement last month significantly strengthens the Pharmaxis balance sheet as the Company conducts two phase 2a clinical studies of its lead drug PXS‐5505 in cancer and a study of topical drug PXS‐6302 in patients with wound and burns scarring,” he said.
Pharmaxis finished the day of trading at 11 cents.