Paradigm Biopharmaceuticals has completed fundraising of $51.6 million and the $9.8m institutional component of its fully underwritten Institutional Entitlement Offer of new shares in the Company.
Earlier this week, Paradigm announced a proposed $77.9 million capital raise which would comprise the $51.6m million placement to investors across Australia, Asia, the UK and the USA.
Funds raised under the proposed Offer are expected to fund Paradigm’s osteoarthritis (OA) and mucopolysaccharidosis (MPS) programs until completion of clinical trials and further studies.
Paradigm’s Managing Director, Paul Rennie has expressed delight with the “overwhelmingly positive response to the release of the osteoarthritis phase 2B secondary endpoint data (on 15 April) and this capital raise. I take this opportunity to welcome new institutions from the UK, USA, Asia, and Australia to the register and to thank our existing shareholders for their ongoing support.”
New Shares issued under the Placement and the Institutional Entitlement Offer will be equal to that of Paradigm’s existing shares. Trading will commence on Friday 26th April 2019.
Paradigm has announced an opening date for the Retail Entitlement Offer (24th April 2019), under which New Shares will be offered at $1.50. Retail Shareholders with a registered NZ or Australian address and hold shares by the evening of the 17th April 2019, will be eligible. The Retail Entitlement Offer will close on the 6th of May 2019.