Alchemia Limited
(ASX:ACL) has successfully closed a heavily over-subscribed share purchase plan, raising $2.75 million after scaling back demand.
The new capital adds to a recent $10.2 million institutional placement, with a total allotment of 9.1 million shares at 30 cents each.
Chairman Dr Mel Bridges says the outstanding shareholder response ensures Alchemia has sufficient capital to fund a pivotal phase three trial of a lead therapeutic and platform technology.
Dr Bridges says the over subscription indicates investor acknowledgement of the near term potential of the technology and further endorses Alchemia’s longer term commercial prospects.
Alchemia reported a net loss of $5.9 million in the first half of fiscal 2013.
