Paradigm Biopharmaceuticals completes institutional entitlement offer

Company News

by Rachael Jones

Paradigm Biopharmaceuticals (ASX:PAR) has successfully raised $9.8 million through the institutional component of the fully underwritten accelerated non-renounceable entitlement offer.

The retail component of the entitlement offer (Retail Entitlement Offer) will open today and is expected to raise approximately $16.5 million, bringing a total equity raising under the entitlement offer of approximately $26.3 million.

The Institutional Entitlement Offer and Retail Entitlement Offer are underwritten by Bell Potter Securities.

The company is a biotech focused on repurposing Pentosan Polysulfate Sodium (iPPS), an FDA approved drug that has a long track record of safely treating inflammation.

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Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.