Citing strong demand, iX Biopharma has raised $6.7 million from a placement, up from an original plan to raise at least $5 million.
The placement, priced at 10 cents each, attracted investors such as Lion Global Investors and Ginko-AGT Global Growth Fund.
The pharmaceutical company, whose chairman and CEO Eddy Lee is a former Genting and Hong Leong senior executive, plans to channel the proceeds to expand in the US market, pay down debt, buy new equipment, and for general working capital.
The new shares will enlarge iX Biopharma's share base by more than 7%.
Trading of iX Biopharma shares will resume on Oct 29. It last traded at 13 cents, valuing the company at $112.9 million.
