By Sheri Kasprzak
New York, March 21 - Avexa Ltd. closed a private placement of stock for $15 million and said it intends to raise another $60 million in an underwritten rights issue.
In the placement, the company sold 28,301,886 shares at $0.53 each, a 16% discount to the volume weighted average share price for the 10 trading days ended March 14.
The company is also launching a two-for-five underwritten rights issue to existing shareholders. The shareholders have the right to buy new shares at $0.53 each.
ABN Amro Morgans Corporate Ltd. is the underwriter.
Proceeds from both offerings will be used to complete the phase 3 trials of the company's anti-HIV drug ATC over the next two and a half years.
Based in Victoria, Australia, Avexa is a biopharmaceutical company focused on developing treatments for HIV.
| Issuer: | Avexa Ltd.
|
| Issue: | Stock
|
| Amount: | $15 million
|
| Shares: | 28,301,886
|
| Price: | $0.53
|
| Warrants: | No
|
| Settlement date: | March 21
|
| Stock symbol: | Australia: AVX
|
| Stock price: | A$0.97 at close March 21
|
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