Prima sets sights on $10m capital raising

Melbourne's Prima Biomed (ASX:PRR) is aiming to raise between $5 and $10 million over the next two weeks to fund its research programs - particularly its Panvax vaccine technology.

And a change of executive guard is underway as private equity specialist Eugene Kopp takes up the position of executive chairman and the company's largest shareholder, Peregrine Corporate, prepares to reduce its shareholding to below 5 per cent of issued capital.

Peregrine's Bryan Frost and Richard Revlins have announced that they will retire as directors of Prima Biomed. Frost will also retire as chairman of the company.

Kopp said yesterday that Prima had only $1.5 million in cash. With four projects underway - including a Phase II clinical trial in ovarian cancer - there is plenty of call for funds.

Kopp currently holds non-executive directorships in Conve, a Perth biotechnology firm developing antifungal treatments and Sonnet a software integration company listed on the ASX. He plans to devote 3 days a week to his responsibilities at Prima.

Prima has appointed Southern Cross Equities to assist the company in raising capital.