money in the bank

Sydney - Wednesday - Oct 27: (RWE Australian Business News) -
Prima Biomed Ltd today announced a successful $10 million capital
placement through Southern Cross Equities.
Biotech Capital, the Beville Group (which is associated with
Chairman Mr Eugene Kopp), a large overseas institutional investor and a
number of professional investors participated in the placement.
Subject to approval of the issue by shareholders at the annual
meeting to be held on November 30, the $10 million funding will allow
Prima to complete a phase 2 clinical trial of CancerVac for ovarian
cancer, submit an IND for a phase 1 clinical trial of DCtag technology
in colon cancer, provide funds for its R&D activities with Medarex Inc
(a joint venture aimed at producing a human anti-cancer antibody) and
ongoing operations.
The company also plans to invest in new technologies that will
enhance the value of the investment portfolio.
BioTech Capital has committed to taking a 4.9 per cent stake in
Prima Biomed, equating to a holding of 7.7 million shares at 12c each
for a total investment of $924,000.
Free attaching two-year 20c option on a one-for-three basis will
also be issued.
Prima shares last traded at 14c and will be reinstated today.
Biotech Capital fell 0.5c to 38c yesterday.