Phosphagenics to raise up to $10m via placement
10:31, Tuesday, 12 December 2006
Sydney - Tuesday - December 12: (RWE Aust Business News) -
Phosphagenics (ASX:POH) will raise up to $10 million via the placement of
up to 33.3m new shares at 30c each.
It plans to raise additional funds via a Share Purchase Plan,
underwritten to the value of $5m.
This Share Purchase Plan will be capped at $7.5m, 25m new fully
paid ordinary shares.
The capital will provide funds for R&D programs, in particular
the Phase II transdermal insulin trials, as well as for general working
capital.
BBY is lead manager to the placement.
The R&D programs which will be supported by the raised funds
include: Transdermal TPM-02/insulin, the preparation and filing of a US
Food & Drug Administration Investigational New Drug Application for
TPM-02/Insulin; Transdermal morphinee Phase IIa study in early 2007;
GTP-0805 progression to a Phase I study; APA-01/Statinprogression to a
Phase I study and development of a patch system for applying
Phosphagenics' transdermal delivery technology to the skin.
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