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news.Living Cell Technologies has received A$6 million in funds for the capital placement announced on October 30, 2007.
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Shareholders have subscribed for the issue of 20 million ordinary shares at A$0.30 per share. This Taylor Collison placement of A$6 million follows the closing of a placement of $2 million by US-based NaviGroup Management on November 6, 2007.
NaviGroup Management maintains an option to subscribe for up to an additional $6 million of the company’s ordinary shares at a price equal to 80% of the 30-day average closing bid price per ordinary share of the company. This option expires on January 24, 2008.
The company said that the combined funds received during November of approximately A$8.2 million place it in a strong financial position to progress the Phase I/IIa clinical trials both in Russia and New Zealand. The New Zealand clinical trial approval is currently awaiting endorsement from the New Zealand Health Minister.
Richard Justice, CFO of Living Cell, said: “These funds allow the company to focus on the ongoing and planned clinical trials as well as selectively expand manufacturing and production capabilities.”