BioCentury
ARTICLE | Financial News

Peplin raises US$24 million

August 20, 2008 2:04 AM UTC

Peplin (ASX:PLI) raised US$24 million in a private placement of 1.3 million units at US$18.14. Each unit consists of three common shares and a four-year warrant to purchase one common share. Each share is equivalent to 20 CHESS Depositary Interests (CDIs), which trade on the ASX. The price is equivalent to A$0.35 per CDI, which is a 17% discount to Peplin's close of A$0.42 on Monday, the day before the financing was announced. Each warrant is exercisable at US$7.86 per share.

GBS Venture led the financing with participation from existing investors MPM Capital; New Enterprise Associates; Asia Union Investments; and Orbis Funds Management. Peplin's lead product is PEP005 topical ingenol mebutate gel, which is slated to begin Phase III testing to treat actinic keratosis this quarter. GBS's Joshua Funder joined the company's board. ...