Phosphagenix raises $4m in UK placement
Wednesday, 03 November, 2004
Phosphagenics (ASX:POH) has raised £1.75 million (AUD$4.3 million) through a placement of about 18 million shares in the UK.
It's the second placement the company has done in the UK this year -- in late July the company raised almost AUD$850,000 through a placement at the same time as it announced plans to list on the London Stock Exchange's Alternative Investment Market (AIM).
CEO Ian Patterson said the new placement indicated Phosphagenics' commitment to establishing itself as an international company and to listing on AIM. The funds will be used to accelerate and extend development of Phosphagenics' pharmaceutical program.
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