Actinogen Limited
(ASX:ACW) says it has raised $10 million through an institutional placement that will go towards a Phase II trial of its promising Alzheimer drug Xanamem.
The oversubscribed capital raising was lead by KTM Capital and Forrest Capital with an additional $1 million raised by a shareholder share purchase plan.
The drug works by blocking the production of the stress hormone cortisol in the areas of the brain most affected by Alzheimers thereby reducing the development of plaques on the brain.
The drug has a multi-billion dollar potential with the cost of treatment just in the US estimated to increase to US$1 trillion dollars by 2050.
Actinogen reported a net loss of $1.2 million for the first six months of the 2015 financial year.
