Shares of Prima BioMed Limited (ASX: PRR) have come under selling pressure today after the biotechnology junior announced a capital raising worth up to $10 million.
So What: Many investors will remember Prima BioMed as the company that surged a remarkable 764% in the space of just three days during May.
More specifically, Prima BioMed is a leading immune-oncology company which experienced a short-term surge following promising results from its ovarian cancer clinical trial. The shares retreated heavily in the month that followed but went nuts again yesterday, soaring 44% after European authorities endorsed the development of a treatment for breast cancer.
The company said in an update: "Encouragingly, the planned Phase IIb study, to be called AIPAC (Active Immunotherapy PAClitaxel) is considered well designed by the (European Medicines Agency). AIPAC is now expected to initiate in Europe during (Q4)of 2015. While the EMA never endorses any statement on the likelihood of future regulatory decisions, the Agency's communication has suggested that the achievement of certain clinical endpoints may lead to Marketing Authorization in the EU based on this one pivotal study."
