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Cynata Therapeutics (ASX:CYP) - CEO & Managing Director, Ross Macdonald
CEO & Managing Director, Ross Macdonald
Source: Finance News Network
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  • Biotech company Cynata Therapeutics (CYP) has successfully completed its share purchase plan
  • Due to the high rate of acceptance, the plan’s end goal was increased from the original $2 million to $4.8 million
  • When the plan closed on May 22, commitments for approximately $10.66 million worth of shares were received
  • As a result of this, participants will receive 44.8 per cent of shares they applied for
  • The money raised from this share purchase plan and a recently completed placement will be used to fund and speed-up the company’s ongoing product development as well as going towards working capital
  • Cynata is up a slight 1.49 per cent on the market and shares are trading for 68 cents each

Biotech company Cynata Therapeutics (CYP) has successfully completed its share purchase plan.

Due to the high rate of acceptance, the end goal has increased from the original $2 million to $4.8 million. When the plan closed on May 22, Cynata received commitments for approximately $10.66 million worth of shares.

This share purchase plan follows the company’s recent $3.55 million placement, which was announced in mid-April.

The company says it increased the plan’s end goal so that existing shareholders would have an equal opportunity to access what was offered in the placement.

Under this plan, eligible shareholders had the opportunity to subscribe for up to $30,000 worth of new shares at a price of 60 cents each.

As the share purchase plan was heavily oversubscribed, participants will receive 44.8 per cent of shares they applied for, with refunds to be given around June 2.

The shares are expected to be dispatched on June 2 and begin trading on the ASX on June 3.

The $8.3 million raised from both the placement and share purchase plan will be used to fund and speed-up the company’s ongoing product development as well as going towards working capital.

Cynata is up a slight 1.49 per cent on the market and shares are trading for 68 cents each at 12:48 pm AEST.

CYP by the numbers
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