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- Suda Pharmaceuticals (SUD) has placed its shares in a trading halt as it begins planning a capital raise
- The healthcare stock hasn’t announced how much it is planning to raise, but full details should be released in the coming days
- This will be the second time in the last six months that Suda has tapped investors for fresh capital
- The company carried out a placement and entitlement offer to raise a total of $4.1 million to advance a number of its products
- Suda ended the September quarter with less than two-quarters worth of funding left, after burning through $1.14 million on operating expenses
- However, the company stated at the time that it wasn’t worried as it still had $2 million in a term deposit
- The trading halt on SUD’s share will end on Wednesday, December 16, with shares last trading for four cents each
Suda Pharmaceuticals (SUD) has placed its shares in a trading halt as it begins planning a capital raise.
The company hasn’t announced how much it is planning to raise, but full details should be released in the coming days.
This will be the second time in the last six months that the healthcare stock has tapped investors for fresh capital.
SUD successfully raised $4.1 million via a placement and entitlement offer, with the money to be spent on advancing its Anagrelide and OroMist products.
Suda ended the September quarter with less than two-quarters worth of funding left, after burning through $1.14 million on operating expenses.
It also spent $2.1 million on investing activities, and ended the period with $1.53 million worth of cash in the bank.
Despite the lack of available funding, the company stated it wasn’t worried as it still had access to a $2 million term deposit.
The trading halt on SUD’s shares will end on Wednesday, December 16, with shares last trading for four cents each at November 11.
