Pharmaxis Ltd (ASX:PXS, OTC:PMXSF) has closed the books on its oversubscribed share purchase plan, raising A$2.6 million.
The clinical-stage drug development company opted to increase its raise target from A$2 million after receiving eligible applications for A$2.585 million worth of shares.
Now, PXS intends to issue roughly 24.6 million fully paid shares to subscribers at A$0.105 apiece — the same price sophisticated and institutional investors paid under the company’s recent placement.
It brings the total raised before costs under the drug development company’s latest capital raise to A$9.8 million.
Speaking to the cash injection, Pharmaxis chief executive Gary Phillips said it strengthened the company’s balance sheet as it conducted its clinical studies.
These include two phase 2a trials on its lead drug candidate, PXS-5505 in cancer, as well as a study on its topical PXS-6302 treatment in patients with wound and burns scarring.