By Sheri Kasprzak
New York, May 8 - ChemGenex Pharmaceuticals Ltd. has secured A$15 million from a private placement of its stock with institutional and sophisticated investors.
The investors bought 34,883,721 shares at A$0.43 each.
Merck Sante, a subsidiary of Merck KGaA, agreed to buy A$4 million of the shares, and Charter Pacific Corp. Ltd. agreed to buy A$2 million.
The company has also instituted a share purchase plan for up to A$5 million, offered to its qualified shareholders.
The shareholders may buy shares at A$0.43 each.
The proceeds from the placement and the share purchase plan will be used to fund the development of ChemGenex's product pipeline with emphasis on accelerating the clinical development of Ceflatonin, the company's lead molecule.
ABN Amro Morgans was the placement agent.
Based in Victoria, Australia, Chemgenex is a biopharmaceutical company.
| Issuer: | ChemGenex Pharmaceuticals Ltd.
|
| Issue: | Stock
|
| Amount: | A$15 million
|
| Shares: | 34,883,721
|
| Price: | A$0.43
|
| Warrants: | No
|
| Placement agent: | ABN Amro Morgans
|
| Settlement date: | May 8
|
| Stock symbol: | Australia: CXS
|
| Stock price: | A$0.55 at close May 8
|
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