Australian biotechnology company Cellmid Limited (ASX:CDY) has been granted a trading halt by the ASX, with its shares placed in pre-open.
Cellmid requested the halt pending a proposed capital raising that is material to the company’s business.
The company has lead drug candidates in oncology and a product pipeline in inflammatory diseases in humans.
Cellmid is also developing innovative novel therapies and diagnostic tests for a number of cancer indications, in particular solid tumours.
Adding further to its interests, last month Cellmid signed an agreement with the world's biggest animal health company Zoetis (NYSE:ZTS), which has a market cap. of US$21.6 billion.
The agreement with Zoetis is for the evaluation and option to license one of Cellmid’s anti-midkine antibodies (MK antibody) for therapeutic use in companion animals.
The halt will last until the opening of trade on Monday 15th December 2014, or earlier if an announcement is made to the market.
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