SYDNEY, June 3 /PRNewswire-Asia/ -- Pharmaxis (ASX: PXS, Nasdaq: PXSL) today announced that it had raised A$47 million through a placement to Australian and international institutions and professional investors. The placement strengthens the company's balance sheet as Pharmaxis moves toward the European and U.S. commercial launch of its product Bronchitol for cystic fibrosis.
Pharmaxis will issue 20 million new fully paid ordinary shares at A$2.35 per share, a 10.6% discount to Pharmaxis' last closing price on 1 June 2009 and an 8.5% discount to the volume weighted average share price over the past 30 days. The shares to be issued will rank equally with existing ordinary shares in the capital of the company.
The placement has been managed by Wilson HTM Corporate Finance Limited and closed oversubscribed. Settlement of the placement is scheduled to take place on 10 June 2009.
A share purchase plan will be offered to all Australian and New Zealand shareholders who hold shares as at 7.00pm on 1 June 2009 and will afford the opportunity to purchase up to $5,000 worth of fully paid ordinary shares at the placement price of A$2.35, without brokerage or transaction costs. The share purchase plan offer opens on 10 June and closes on 24 June 2009. The share purchase plan will be capped at A$10 million.
"The proceeds from this offering are principally to be used for the commercial launch of Bronchitol for cystic fibrosis in both Europe and the U.S. This placement means Pharmaxis can take an important additional step in building a profitable, international, pharmaceutical business. We are very pleased with the support from the participating institutions and look forward to bringing Bronchitol to the world," said Pharmaxis Chief Executive Officer Dr Alan Robertson.
|SOURCE Pharmaxis Ltd|
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