By Laura Lutz
Washington, Dec. 7 - Metabolic Pharmaceuticals Ltd. completed an oversubscribed private placement of shares for A$10.5 million.
The company sold 14.6 million ordinary shares to existing institutional shareholders and sophisticated investors at A$0.72 per share.
The placement was led by Acom Capital, Metabolic's second-largest shareholder. ABN Amro Morgans acted as manager for the deal.
Proceeds will be used to accelerate the oral version of the company's ACV1 neuropathic pain drug, to accelerate its oral peptide delivery program and to prepare for a phase 3 obesity trail.
Metabolic is a biopharmaceutical company based in Melbourne, Australia.
| Issuer: | Metabolic Pharmaceuticals Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$10.5 million
|
| Shares: | 14.6 million
|
| Price: | A$0.72
|
| Warrants: | No
|
| Investor: | Acom Capital (lead)
|
| Manager: | ABN Amro Morgans
|
| Settlement date: | Dec. 7
|
| Stock symbol: | Australia: MBP
|
| Stock price: | A$0.735 at close Dec. 7
|
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