PHOSPHAGENICS RAISES $9.1m
May 10th 2008 06:05
Wednesday May 7, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS DOWN: NEUREN UP 10%; AGENIX DOWN 9%
* STARPHARMA’S DR JACKIE FAIRLEY - LEADER OF THE DENDRIMER PACK
* PHOSPHAGENICS RAISES $9.1m
* XCEED REVIEW; APPOINTS DR STEWART WASHER EXEC DIRECTOR
* RUSSIAN MARKETING APPROVAL FOR ATCOR
* AVANTOGEN COMPLETES SUPPLEMENTS CONTRACT
* BIOPHARMICA APPOINTS DEBORAH AMBROSINI COMPANY SECRETARY
* ANZ SELLS 242k OPES PRIME BIOPROSPECT SHARES, 124m TO GO
THE MARKET
Thirteen of the Biotech Daily Top 40 stocks were up, 16 fell, six were unchanged and five were untraded.
Neuren was best, up one cent or 10 percent to 11 cents on small volumes, followed by Universal Biosensors up 3.5 cents or 4.12 percent to 88.5 cents.
Agenix led the falls down 0.8 cents or 8.89 percent to 8.2 cents on modest volumes followed by Optiscan down two cents or 6.67 percent to 28 cents.
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PHOSPHAGENICS
Phosphagenics has raised $9.1 million through a placement of 60.6 million shares to institutions and sophisticated investors at 15 cents a share.
Phosphagenics’ chief executive officer Harry Rosen said that the company was very pleased with the response from investors.
“The funds raised considerably strengthen the company’s financial position and together with government grants and other revenue will support Phosphagenics’ research and development programs through to the end of calendar year 2009,” Mr Rosen said.
It is expected that trading in the new shares on the Australian Stock Exchange will commence on or around May 12, 2008.
Phosphagenics fell half a cent or 3.03 percent to 16 cents with 24.8 million shares traded.
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