Prima finalising $10m capital raising

Prima Biomed (ASX: PRR) has called a trading halt as it finalises a $10 million capital raising to institutional and sophisticated investors.

News of the placement's completion was published in Melbourne newspaper The Age ahead of an expected company announcement.

The report said Prima Biomed had placed 83 million shares at $0.12, a discount to Friday's closing price of $0.14. A free option per three shares issued was also given to subscribers with an exercise price of $0.20.

Southern Cross Equities managed the placement for Prima. The company is expected to use the funds to support its Phase II trial for its cancer vaccine, as well as other projects. Recently, Prima subsidiary Arthron a deal with AstraZeneca to evaluate and validate its Fc receptor target for inflammatory disease.