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Paradigm Biopharmaceuticals completes retail component of $26.3 million entitlement offer

The retail entitlement offer had a take-up rate of about 54.7% for acceptances of entitlements and applications for additional shares by eligible retail shareholders.

Paradigm’s board thanked shareholders for their support of the entitlement offer

Paradigm Biopharmaceuticals Ltd (ASX:PAR) has raised about $16.15 million at $1.50 per share, completing the retail component of its one-for-eight accelerated non-renounceable entitlement offer.

The retail entitlement offer, which is fully underwritten by Bell Potter Solutions Limited, closed on May 6, 2019 and together with shares issued under the institutional component of the entitlement offer, the total amount raised will be about $26.3 million.

READ: Paradigm Biopharmaceuticals completes institutional component of $26.3 million entitlement offer

The shortfall under the entitlement offer will rank equally with existing shares on issue.

Shares issues under the retail entitlement offer are expected to be issued on May 13, 2019 and will be allotted and quoted on the ASX on May 14, 2019.

Last Month Paradigm completed the institutional component of the fully underwritten accelerated non-renounceable entitlement offer raising about $9.8 million.

The new funds will allow the company to advance its pivotal phase 3 OA clinical trial in the US, EU and Australia as well as to complete the phase 2/3 pivotal clinical trial in MPS.

Quick facts: Paradigm Biopharmaceuticals Ltd

Price: 2.72 AUD

Market: ASX
Market Cap: $615.79 m

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