Alterity Therapeutics (NASDAQ: ATHE) shares began Monday trading static. The Melbourne-based firm, a biotechnology company dedicated to developing disease modifying treatments for neurodegenerative diseases, today announced it has received binding commitments for a capital raising of A$20.0 million of fully paid ordinary shares to International and Australian professional investors.
"We are thankful for the continued interest from the investment community following the robust efficacy we demonstrated in our Phase 2 clinical trial in Multiple System Atrophy. We look forward to an exciting twelve months ahead as we actively pursue the path to approval,” said CEO David Stamler.
“We elected to execute this placement due to inbound interest from a high-quality international healthcare-focused fund that anchored the transaction. Based on the promising outlook for the company, we raised these funds at a modest discount with no options. The additional funding allows us to continue advancing our clinical and regulatory strategy for ATH434 with the US FDA and other agencies, while at the same time it strengthens our institutional register and balance sheet to best position the company for pursuing strategic partnerships.”
MST Financial Services Pty Ltd (MST) acted as sole manager of the offering.
ATHE shares closed last week at $4.98.
