SUDA Pharmaceuticals Ltd (ASX: SUD), a leader in oromucosal drug delivery, is pleased to announce that they have received firm commitments for a capital raising by way of a placement of up to 76,708,975 ordinary shares to existing and new professional and sophisticated investors to raise $2,761,523 before costs. New shares issued under the Placement will rank equally with existing SUDA shares.
The placement to strong supporters of the company will provide SUDA with funding to maintain its current developments for twelve months. The additional funding will assist management to continue evaluating new assets that have been identified and are being considered for acquisition. As outlined in the AGM, the Company’s areas of focus are oncology and the central nervous system and the Company is looking to secure technologies in the pre-clinical or clinical stages of drug development.
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