Offering aims to fund operating costs through Phase 2 trial completion
By Devika Patel
Knoxville, Tenn., May 4 - Neuren Pharmaceuticals Ltd. said it will raise A$2 million in a private placement of stock.
The company will sell the shares at A$0.013 apiece, a 35% discount to the May 3 closing share price of A$0.02.
Investors include interests associated with Lang Walker of Sydney, which will invest A$864,227.
The company also plans a renounceable rights issue offering in June for existing shareholders to acquire one share for every share owned at the same price per share as those sold in the private placement.
Proceeds will be used to cover corporate overhead and operating costs for the completion of the two ongoing Phase 2 trials of NNZ-2566 and Motiva and to expand opportunities for those and the cancer programs wherever possible.
Based in Sydney, Australia, Neuren develops novel therapeutics for brain injuries and disorders as well as metabolic disorders.
| Issuer: | Neuren Pharmaceuticals Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$2 million
|
| Price: | A$0.013
|
| Warrants: | No
|
| Investor: | Lang Walker (for A$864,227)
|
| Pricing date: | May 4
|
| Stock symbol: | Australia: NEU
|
| Stock price: | A$0.016 at close May 4
|
| Market capitalization: | A$6.94 million
|
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