Phosphagenics raising cash for R&D
A$11.25 million in a share placement to fund its core R&D
programme and other expenses.
The company that developed more bioavailable forms of vitamin E and C currently generates revenue from licensing these products to nutraceutical firms but it is also developing technology for its drug arm.
According to a statement yesterday, the share sale will help fund further research in both segments, including Phosphagenics' transdermal technology for use in a broad range of drugs.
Harry Rosen, president and executive director, said that he was very pleased with the response from investors.
"We believe it reflects their confidence in our ability to meet our milestone targets and deliver on our strategic plan," he said.
Trading in the new shares on the Australian Stock Exchange and the London Stock Exchange's Alternative Investment Market is expected to start this week.
