Prana raises A$7M in share placing
Australia's Prana Biotechnology, which is focused on the R&D of treatments for neurodegenerative disorders, has announced, subject to shareholder approval, a private placement of about 24.56 million new shares at a subscription price of A$0.285 each, with a two-for-six free attaching option.
Prana will receive around A$7.0 million ($5.8 million) before allowing for issue costs from institutional and professional investors in Australia and the USA. The funds will be predominantly used for the ongoing development of its lead compound, PBT2, currently in a Phase IIa trial in patients with Alzheimer's disease. This study, scheduled for completion in December, is designed to advance the commercialization of Prana's programs to develop novel treatments for neurodegenerative disorders, the firm says.
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