- Argenica Therapeutics (AGN) wraps up a $4 million placement to fund phase two trials of its neurological drug, ARG-007
- Argenica will issue 11.4 million fully paid ordinary shares at 35 cents apiece, representing a 17.6 per cent discount to the company’s last traded price
- The phase two trial will see ARG-007 tested on ischaemic stroke patients, following its recent phase one study
- Additional funds will be used to support further preclinical activities for other neurological conditions, including Alzheimer’s disease
- AGN is down 5.88 per cent, trading at 40 cents at 3:45 pm AEST
Argenica Therapeutics (AGN) has wrapped up a $4 million placement to fund a phase two trial of its neurological drug, ARG-007.
The company reported the capital raise was supported by large existing shareholders, family offices, new institutional investors, and sophisticated high net-worth investors.
Argenica will issue 11.4 million fully paid ordinary shares at 35 cents apiece to raise the funds, representing a 17.6 per cent discount to the company’s last traded price, and a 12.7 per cent discount of the ten-day volume weighted average price (VWAP).
Settlement of the placement is expected to occur on June 8, with the shares to begin trading the following day.
The company’s placebo-controlled, phase two trial involves the drug being tested on ischaemic stroke patients, which is caused by a clot in a vessel in the brain.
The trial will determine the safety, tolerability, pharmacokinetics, and preliminary efficacy of a single dose at multiple hospitals across Australia.
“We are delighted to have secured the support again of many of our large and existing shareholders, as well as new institutional investors who recognise the importance of advancing ARG-007 into a phase two trial in ischaemic stroke patients,” Argenica Therapeutics Managing Director Dr Liz Dallimore said.
Argenica will also use the funds to support further preclinical activities for other neurological conditions such as Alzheimer’s Disease.
AGN was down 5.88 per cent, trading at 40 cents at 3:40 pm AEST.