Clinical Trial Research

Avexa Announces $75M Capital Raising for Phase III Program

Published in Clinical Trials Week, June 4th, 2007

Australian biotechnology company Avexa (ASX:AVX) announced that it has completed a $15 million placement to US investors and that it will raise a further $60 million through a fully underwritten rights issue. After capital raising costs, the net amount raised through the placement and rights issue will be approximately $72 million.

The placement was completed at $0.53 per share, a 16% discount to Avexa's volume weighted average share price for the 10 days to 14 March 2007, the day before the Company's shares were placed in trading halt pending announcement of the results of its Phase IIb trial for apricitabine (ATC). Passport Management LLC USA, was the leading...

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Source: Clinical Trials Week (2007-06-04)

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