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Suda Ltd Completes $5.6 Million Capital Raising


Tuesday, 12 Nov 2013 05:04pm EST 

Suda Ltd announced that it has raised gross proceeds of $5.6 million through a placement of approximately 170 million fully paid ordinary shares at a price of $0.033 per share. The placement was made to institutional investors and was managed by Ord Minnett. The new capital will be used as follows: To accelerate the business development activities related to ArTiMist and the other lead development products, including the treatments for migraine headache (SUD-001), chemotherapy-induced nausea (SUD-002) and erectile dysfunction (SUD-003); To establish an in-house formulation laboratory to expand the pipeline of drug candidates based on the oro-mucosal drug delivery platform; To expand the existing management team with some key hires, including a head of regulatory affairs; and To strengthen the balance sheet whilst the Company pursues its goals of partnering and monetizing the advanced drug candidates. 

Company Quote

0.067
-0.0030 -4.29%
21 Nov 2014