From the AFR this morning (9:10am):
Nasal viagra biotech launches capital raising, Alpine on ticket
Advisers for ASX-listed biopharmaceutical LTR Pharma were rounding up investors on Monday morning for an $8 million placement a month after the company’s stock price popped after good trial results.
Street Talk understands sole lead manager Alpine Capital was seeking bids at 73¢ per share – an 18.9 per cent discount to the last traded price and a 14.4 per cent discount to the 15-day volume-weighted average price.
Investors were told proceeds would be used for sales and marketing, R&D pipeline expansion and working capital, among other things, in a term sheet seen by Street Talk.
LTR Pharma’s shares rocketed 39 per cent in early June after it reported “extremely positive” trial results for its nasal spray, designed to work as an alternative to oral viagra.
The clinical study involved 18 males taking its Spontan drug versus standard verdenafil pills. LTR said its drug proved more effective than verdenafil and was safe.The stock floated at 20¢ per share last December after raising $7 million from investors.
Final bids were due by 4pm on Monday.
(20min delay)