Clinuvel Pharmaceuticals (ASX: CUV; XETRA‐DAX: UR9; ADR: CLVLY) has been granted a trading halt this morning, with its shares placed in pre-open, pending the release of capital raising details.
The biopharmaceutical company is focused on developing drugs for the treatment of a range of severe skin disorders.
Clinuvel's lead compound, SCENESSE® (afamelanotide), a first-in-class drug targeting erythropoietic protoporphyria (EPP), has completed Phase II and III trials in the US and Europe.
The company had $7.8 million in cash at the end of March 2013.
The trading halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 3rd May 2013.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.