Clarity Pharma shares rally on $203m institutional placement
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More news: Clarity Pharmaceuticals shares surged in morning trade after the clinical-stage radiopharmaceutical company announced the completion of a $203 million institutional placement.
Clarity shares were up 6.8% to $4.39 at 11am AEST, taking monthly gains to 73%.
Clarity Pharmaceuticals completes $203m raise
The news: Clarity Pharmaceuticals has raised $203 million through an institutional placement with a small group of investors who are close to the company, the clinical-stage radiopharmaceutical company told the exchange on Monday.
The numbers: Shares in the placement were issued at $4.20 each, a 2.2% premium on the company’s last close price on 25 July and an 18% premium on the volume-weighted average price.
Pro-forma cash balance after the raise was about $288 million.
The context: Clarity will use the funds to meet a series of “high-value pivotal clinical trials and advancement of key milestones in its therapeutic and diagnostic pipeline”, according to the company.
This includes clinical development, pipeline advancements and continued strategic manufacturing expansion.
Funds will also support continued expansion of manufacturing expansion for prostate cancer diagnostic Cu-SAR-bisPSMA and the hiring of key roles to the global commercial team preparing for a product launch.
The source: ASX
