LUCY Turnbull's cancer therapy group Prima Biomed is set to launch a $38 million capital raising this morning with the help of Deutsche Bank and Ord Minnett.
The company, chaired by Mrs Turnbull, is raising the money to help fund advanced phase three clinical trials of its vaccine therapy for ovarian cancer, Cvac.
Prima shares are expected to be placed in a trading halt this morning as advisers prepare a $18m placement to institutional shareholders, which will be followed by a $20m share purchase plan.
The issue is set to be priced at 28c a share - a 16 per cent discount to yesterday?s close of 33.5c.
Prima has told investors the global market size for ovarian cancer was estimated at $US3.6 billion in 2010. The company has said a maintenance style treatment like Cvac would initially aim to take a conservative 10-25 per cent of the ovarian cancer treatment market, meaning it is target revenues of as much as $US900m.
hot off the press, page-2
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