Phylogica Limited (ASX:PYC) has raised $2.15 million through a share placement, just days after announcing it has completed the first stage of collaboration with the world's largest drugmaker, Pfizer Inc. (NYSE:PFE).
The peptide drug discovery company raised the funds through a placement to institutional and sophisticated investors at an issue price of $0.053 per share.
Phylogica plans to put the funds to enhancing its drug discovery infrastructure, investing in in-house programmes and supporting operational activities.
Earlier this week Phylogica announced it will receive its first milestone payment, for an undisclosed amount, from a collaboration with Pfizer to discover novel peptide-based vaccines.
The company currently has partnerships with Roche, Pfizer and MedImmune and is aiming to secure three new alliances by the end of fiscal 2012.
Phylogica reported a net loss of $3.6 million in the 2011 financial year.
