Ardana to raise L9.9M in placing

UK-based Ardana says that it is proposing to raise approximately L9.9 million ($18.6 million), net of expenses, by the issue of 9,585,380 new ordinary shares at a price of 115 pence each.

Approximately L5.7 million of the net proceeds will be used to invest in the clinical development of Ardana's growth hormone secretagogue (GHS) in its first indication as a diagnostic and second indication AIDS lipodystrophy; and around L4.2 million will be used to launch and promote Emselex (darifenacin hydrobromide) in the UK. This product was developed by Swiss drug major Novartis for the treatment of overactive bladder for which Ardana has been granted sole and exclusive rights to launch and promote in the UK for this indication,for 10 years.