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Patrys Ltd Announces $12.5 Million Rights Issue

Tuesday, 12 Nov 2013 05:00pm EST 

Patrys Ltd announced a non-renounceable pro-rata rights issue (Rights Issue) to Eligible Shareholders (defined below). Patrys is also offering Eligible Shareholders the right to increase their shareholding in Patrys (Share Top Up Offer) should there be any shortfall under that Rights Issue. Under the combined Rights Issue and Share Top Up Offer Patrys is seeking to raise approximately $12.5 million before costs. Azure Capital Limited and BBY Limited are Joint Lead Managers for the Rights Issue. Eligible Shareholders are those shareholders whose registered addresses are within Australia, New Zealand or the United Kingdom on November 25, 2013 (Record Date). Shareholders with a registered address outside Australia, New Zealand and the United Kingdom at the Record Date (Excluded Shareholders) will not be eligible to participate in either the Rights Issue or the Share Top Up Offer. Patrys now needs to raise funds for the manufacturing of the product to be used in this trial as well as other activities associated with advancing the pipeline. Given the interest of Onyx in supporting this trial Patrys will not be actively seeking a licensing partner for PAT-SM6 at this time. The proceeds raised pursuant to the Rights Issue and Share Top Up Offer will be used to support, in part, lead product clinical development, operations, business development and corporate development. 

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8:39pm EST