By Marisa Wong
Milwaukee, Nov. 16 - QRx Pharma Ltd. announced it raised A$8 million in a private placement of shares. The deal was significantly oversubscribed, the company said in a news release.
The company has also launched a fully underwritten rights issue on a one-for-five basis to raise an additional A$13.6 million. The combination of the placement and the rights issue will result in total proceeds of A$21.6 million.
The issue price under the placement and rights issue is A$0.80 per share, a 33.3% discount to the last closing price of QRx shares on Nov. 10.
RBS Morgans Corporate Ltd. is the underwriter and lead manager.
The company intends to use proceeds from the placement and rights issue for funding the phase 3 drug development and expenditure program for its MoxDuo IR product and for additional working capital purposes.
QRx is a clinical-stage pharmaceutical company based in North Sydney, Australia, focused on the development and commercialization of therapies for pain management and central nervous system disorders.
| Issuer: | QRx Pharma Ltd.
|
| Issue: | Shares
|
| Amount: | A$8 million
|
| Price: | A$0.80
|
| Warrants: | No
|
| Agent: | RBS Morgans Corporate Ltd.
|
| Pricing date: | Nov. 16
|
| Stock symbol: | Australia: QRX
|
| Stock price: | A$1.12 at close Nov. 16
|
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