Living Cell raises $A2.8m for trial
The Melbourne-headquartered company sold 54.6 million shares at 5.1Ac apiece.
ASX-listed biotech company Living Cell Technologies has raised $A2.8 million from Kiwi investors to help fund the next phase of its product to treat Parkinson's disease.
The Melbourne-headquartered company sold 54.6 million shares at 5.1Ac apiece to a group of New Zealand-resident wholesale investors and plans to raise more money from existing shareholders through a share purchase plan.
The placement was at a 10% discount to the five-day volume weighted average share price and amounts to about 11% of the enlarged share register.
The funds will go towards the next phase in the clinical trial of Living Cell's NTCELL product to treat Parkinson's disease and for provisional consent to treat paying patients in New Zealand next year.
"LCT is well positioned to bring cell therapies for neuro-degenerative diseases to the market ahead of our competition, and we believe this offers considerable potential value for our shareholders," chief executive Ken Taylor says.
The trial is to confirm the most effective dose of the product, define any placebo component, and refine the patient sub-group. Living Cell plans to begin the trial later this month and has previously said earlier phases showed "clinically and statistically significant efficacy data in patients with Parkinson's one year after NTCELL treatment."
The shares rose 1.8% to 5.6c, and have gained 10% this year.
(BusinessDesk)
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Paul McBeth
Wed, 17 Feb 2016
Wed, 17 Feb 2016
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Living Cell raises $A2.8m for trial
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