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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