In view of the strong investor demand, iX Biopharma (SGX:42C
) has raised $15 million from a placement, up from an original plan to raise no less than $6 million.
The placement is priced at 19.8 cents each, which is a discount of 7.1% to the volume weighted average price of 21.31 cents for trades done on Feb 10, the day before a trading halt was called.
The pharmaceutical company, whose chairman and CEO Eddy Lee is a former Genting and Hong Leong senior executive, plans to channel the proceeds of $13 million to finance the latest U.S. government contract and general working capital.
The remaining $2 million proceeds will be used to repay debts.
Trading of iX Biopharma shares will resume on Feb 13, 2.45pm. It last traded at 23.5 cents, valuing the company at $225.5 million.
