By Devika Patel
Knoxville, Tenn., Aug. 20 - Avantogen Ltd. said it has arranged a A$1 million private placement of shares.
The company will sell 20 million shares at A$0.05 apiece.
The deal will be conducted in multiple tranches.
BBY Ltd. is the agent.
Proceeds will be used to increase Avantogen's holdings in Hawaii Biotech Inc., which has had success with a West Nile Virus vaccine and started phase 1 trials in June. Avantogen itself is working on a Dengue vaccine with phase 1 human clinical trials planned to start later this year.
Brisbane, Australia-based Avantogen develops and commercializes drugs and nutraceuticals in the oncology and vaccine markets.
| Issuer: | Avantogen Ltd.
|
| Issue: | Shares
|
| Amount: | A$1 million
|
| Shares: | 20 million
|
| Price: | A$0.05
|
| Warrants: | No
|
| Agent: | BBY Ltd.
|
| Pricing date: | Aug. 20
|
| Stock symbol: | Australia: ACU
|
| Stock price: | A$0.08 at close Aug. 20
|
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