By Sheri Kasprzak
New York, Sept. 19 - Neuren Pharmaceuticals Ltd. concluded a A$6 million private placement.
The company issued 15 million shares at A$0.40 apiece to sophisticated and institutional investors in Australia and New Zealand.
Taylor Collison Ltd. and Bell Potter Securities Ltd. were the placement agents.
Separately, the company is conducting a share purchase plan in which its qualified shareholders may buy up to A$1.5 million in stock. Each shareholder may purchase up to A$5,000 in stock at A$0.40 per share.
Proceeds from both offerings will be used to develop the company's business strategy and expand its business development program, including four clinical trial programs in 2007 and packaging four other compounds as part of a licensing agreement.
Based in Sydney, Australia, Neuren develops novel therapeutics for brain injuries and disorders as well as metabolic disorders.
| Issuer: | Neuren Pharmaceuticals Ltd.
|
| Issue: | Stock
|
| Amount: | A$6 million
|
| Shares: | 15 million
|
| Price: | A$0.40
|
| Warrants: | No
|
| Placement agents: | Taylor Collison Ltd. and Bell Potter Securities Ltd.
|
| Settlement date: | Sept. 19
|
| Stock symbol: | Australia: NEU
|
| Stock price: | A$0.42 at close Sept. 19
|
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