Argenica Therapeutics: Raises $5.5m for clinical trials

Pharmaceutical company Argenica Therapeutics (AGN) receives binding commitments to raise $5.5 million via a placement
The funds will be raised through the issue of 13.75 million new fully paid ordinary shares to institutional and sophisticated investors at a price of 40 cents each
AGN will use the money to speed up preclinical activities in traumatic brain injury and hypoxic ischaemic encephalopathy, and advance work required for a phase two trial in stroke patients
Additionally, the placement ensures Argenica is well funded to complete its upcoming phase one clinical trial in healthy volunteers using ARG-007
Shares in Argenica are down 7.22 per cent on the market and are trading at 45 cents at 12:59 pm AEST