Ann: $13.0 million Institutional Placement, page-5

"We are delighted to welcome a number of new institutional holders to the share register,” commented Percheron Chair, Dr Charmaine Gittleson. “As we head toward December’s planned release of initial six-month data from the ongoing phase IIb clinical trial of avicursen in Duchenne muscular dystrophy, the Board thought it important to ensure that the Company was fully financed. The proceeds of this transaction put us in a very strong position to complete the trial and will allow investors and partners to focus their attention on the data and its implications.”

Funds raised from the Placement will be used as follows in the Company’s activities:
(a) Completion of the Phase IIb avicursen clinical trial;
(b) Optimisation of manufacturing processes;
(c) R&D patent protection; and
(d) General working capital.