Metabolic brings in $12m through options
Monday, 25 August, 2003
Metabolic Pharmaceuticals (ASX:MBP) is today heralding a recently finalised exercise of listed options had brought the company AUD$12 million.
Although the listed $0.20 options were exercisable over a four-year period ending on July 31, most were exercised in the last three months, releasing at least $10 million, said managing director Chris Belyea. The company now has $14 million in cash, and no borrowings, with a market capitalisation of $260 million at the close of trading on Aug 22.
Belyea said the funds would primarily be put toward Metabolic's obesity drug AOD9604, with Phase IIb clinical studies due to commence in October.
At the time of writing, Metabolic shares were trading at $1.30, up 8.3 per cent.
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