Australia's Benitec to raise up to A$6.5M
Melbourne, Australia-headquartered Benitec has lodged a prospectus to raise between A$5.3-A$6.5 million ($4.2-$5.2 million) in a fully-underwritten, non-renounceable rights issue.
Shareholders are being offered one share at A$0.10 and a free option for every 4.4 shares already owned. Options are exercizable at A$0.15 and expire in 2011.
Funds raised will provide essential working capital. More specifically, they will be used to build and support Benitec's active out-licensing collaboration discussions, patent portfolio, support costs associated with US patent litigation and co-investment in projects such as the firm's Phase I HIV study in Los Angeles, USA.
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