Biotech Market Spotlight: QRxPharma and Living Cell Technology

QRxPharma and Living Cell Technology have both undertaken capital raising exercises today - albeit via different routes - to fund further trials of their flagship technologies.

Sydney-based QRxPharma (ASX:QRX) has announced $21.6 million in capital raising through an $8 million institutional placing and a 1 for 5 renounceable rights issue worth an additional $13.6 million.

It plans to use the capital raised to fund Phase III trials for its MoxDuo IR (Immediate Release) dual-opioid pain treatment as well as for lodgement of a New Drug Application with the U.S. Food and Drug Administration in 2010.

Living Cell Technology (ASX:LCT) has announced a share purchase plan open to existing share holders as of November 18 to purchase up to $15,000 worth of new stock at 25c per share - a discount of 9% from the current price of 27.5c as of 1pm today. The offer is only available to investors in Australia and New Zealand and is valid until 11 December 2009.

The capital will be used to further clinical trials of LCT's DIABECELL for the treatment of type 1 diabetes.