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Acrux (ASX:ACR) - Managing Director & CEO, Michael Kotsanis - The Market Herald
Managing Director & CEO, Michael Kotsanis
Source: Acrux
  • Pharmaceutical company Acrux (ACR) has received firm commitments to undertake a $7.8 million two-phase placement
  • Additionally, the company also announced it will be undertaking a share purchase plan to raise up to $2 million
  • Under the placement, more than 49 million shares will be issued to institutional and sophisticated investors at 17.5 cents
  • Acrux also entered a subscription agreement with strategic investor Phillip Asset Management which has subscribed for $5 million
  • Under the share purchase plan, eligible shareholders will be able to subscribe for up to $30,000 worth of shares to raise $2 million
  • Acrux will put the money towards the development and commercialisation of its product pipeline, and general working capital
  • Acrux has ended the day 5.41 per cent in the red with shares trading at 17.5 cents

Acrux (ACR) has received firm commitments to undertake a $7.8 million two-phase placement.

Additionally, the company also announced it will be undertaking a share purchase plan (SPP) to raise up to $2 million.

Placement

Under the placement, more than 49 million new fully-paid ordinary shares will be issued to institutional and sophisticated investors at 15.7 cents.

Phase one will issue 42,164,324 shares to raise $6.6 million while phase two, which is subject to shareholder approval, will issue 7,613,658 shares to raise the remaining $1.2 million.

Acrux also entered a subscription agreement with strategic investor Phillip Asset Management which has subscribed for $5 million.

The company will put the money towards the development and commercialisation of its product pipeline, and general working capital.

"The demand for the placement is an endorsement of the company's growth strategy and continued substantial progress on its pipeline of topical generics," CEO and Managing Director Michael Kotsanis said.

"We would like to thank existing and new shareholders for their support and look forward to an exciting future for the company," he added.

Share purchase plan

Under the share purchase plan, eligible shareholders will be able to subscribe for up to $30,000 worth of shares to raise $2 million.

The plan opens January 8, closes January 29, and shares will be issued on February 3.

Acrux has ended the day 5.41 per cent in the red with shares trading at 17.5 cents in a $29.54 million market cap.


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