PARIS, Dec 23 (Reuters) - French drug and diagnostics research company ExonHit Therapeutics ALEHT.PA said on Tuesday it is seeking to raise 9.4 million euros ($13.16 million) via a warrant issue in order to boost its drug development programme.
ExonHit will allocate 26.8 million subscription warrants to existing shareholders at the rate of one warrant per share owned. Ten warrants will entitle the holder to buy one ExonHit share at 3.50 euros between Dec 24, 2008 and June 30, 2009.
At 0802 GMT, ExonHit shares were trading up 1.55 percent at 2.62 euros.
“We wish ... to permit our shareholders to participate in the significant increase in ExonHit Therapeutics’ development program,” Finance Director Philippe Rousseau said in a statement.
The money would be used to develop Alzheimer drug EHT 0202, which in Phase II clinical trials, and Alzheimer blood-based diagnostic test EHT Dx21, in early development stage. Alzheimer’s is one of the most common forms of dementia.
Bryan, Garnier & Co. is lead manager and advisor to the company.
editing by John Stonestreet