Antisense Therapeutics placement beats expectations

Antisense Therapeutics (ASX: ATL) has raised $500,000 over its expected $4 million in an oversubscribed share placement that closed two days earlier than originally planned.

"We did better than we'd hoped for," said Antisense managing director Mark Diamond.

Diamond said that the funds would be used to further several projects at the company.

"Most of it is going to be spent completing the Phase I study of our lead multiple sclerosis drug, but a significant portion will go to development of our psoriasis compound and also products in the pipeline," he said.

The placement provides funds that will last until around August next year, said Diamond. "We'd probably have to contemplate another capital raising before then."

But Diamond said that there was always the possibility for significant cash to flow into the company through a licensing deal or other partnership. He wouldn't speculate on whether that was likely to happen in the near future.

"Certainly we'd entertain any interest in our lead compounds or pipeline -- we'll keep an open mind to the possibility," he said.

The offer, which was underwritten by investment bank ABN Amro Morgans, will go to the shareholders for approval on December 9.