Alchemia raises A$10.2M in private placement
Alchemia Ltd. (ASX:ACL) raised A$10.2 million ($10.4 million) through the sale of about 34 million shares at A$0.30 in a private placement to new and existing U.S. and Australian investors. The price is a 13% discount to the company's close of A$0.35 on March 6, Alchemia's last trading day before the offering was announced. RBS Morgans was lead manager. Alchemia plans to raise an additional A$2 million ($2 million) through the sale of about 6.7 million shares at A$0.30.
Alchemia is developing HA-Irinotecan, an IV formulation of irinotecan and hyaluronic acid in Phase III testing to treat metastatic colorectal cancer (mCRC). Data are expected in early 2014. Alchemia said it now plans to spin out and list its U.S. subsidiary, Audeo Oncology Inc. (San Francisco, Calif.), on a U.S. and/or Australian exchange after the Phase III data. In December, the company delayed plans to spin out and list the subsidiary after it was unable to secure new investments at terms acceptable to its board. ...