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Patrys Announces Oversubscribed Capital Raising of AU$3.4 Million
Melbourne, Australia; 2 December, 2011: The private placement of approximately 113.5 million new shares at an issue price of AU$0.03 per share will rank equally with existing shares, and will be conducted in two tranches.
A total of 37 million new shares are to be issued under the 15% placement capacity of Patrys, with settlement expected to occur on 7 December 2011. The balance of new shares to be issued will be subject to shareholder approval at an Extraordinary General Meeting (EGM) to be convened on or about 11 January 2011 (in accordance with ASX Listing Rule 7.1).
The capital raising was conducted by Lodge Corporate as Lead Manager, and the Company is pleased to advise that the offer was oversubscribed and supported by domestic and international institutions and sophisticated investors as well as the Company’s Board and Management.
Proceeds from the placement, together with existing finances, will be used to:
Conclude the PAT-SM6 Phase I melanoma trial
Support a PAT-SM6 Phase I/IIa open label multi-dose clinical trial in multiple myeloma
Further prepare PAT-LM1 for clinical trial and/or partnering
Support business development and licensing activities in respect of PAT-SC1
Expand the pipeline through internal R&D
