Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.ChemGenex Pharmaceuticals, a provider of personalized oncology medicines, has completed a A$12.9 million capital raising through a placement of 15.2 million shares at $0.85 per share to institutional and sophisticated investors.
Subscribe to our email newsletter
The placement was anchored by a commitment of A$6.5 million by existing major shareholders Alta Partners, GBS Venture Partners and Merck Sante, a subsidiary of Merck KGaA.
These three shareholders have increased or maintained their respective percentage holdings in ChemGenex. Other institutional investors with expertise in the biotechnology sector also made significant investments. Funds raised will be applied to the continued clinical trial program for the company’s lead oncology drug candidate, omacetaxine.
In addition to the placement, ChemGenex is offering eligible shareholders the ability to purchase shares in ChemGenex under a share purchase plan (SPP).
Under the SPP, ChemGenex will offer eligible shareholders the opportunity to participate on the same terms as the institutional investors by purchasing up to $5,000 of ChemGenex ordinary shares at $0.85 per share without incurring brokerage or transaction costs.
Greg Collier, CEO and managing director of ChemGenex, said: “The placement will secure the company’s financial position as we progress to complete clinical trials and the rolling new drug application (NDA) submission of omacetaxine to the FDA.
“We are on course to complete enrollments for the clinical section of our regulatory filing by the end of 2008, to file the CMC section of our rolling NDA submission at the end of first quarter of 2009, and to complete our rolling NDA submission in mid 2009.”