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| Subject: Re: PTD1.55 | |
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Author: placement of 6.625 million |
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Date Posted: 04:51:45 01/09/03 Thu In reply to: stronger second half year. 's message, "IHG" on 04:48:59 01/09/03 Thu Peptech raises $10m from placement 9-January-2003 Shares in biotech company, Peptech Ltd (PTD) jumped more than 7% today after the company announced it had completed an institutional placement of 6.625 million shares, raising approximately $10 million. The company resumed trade shortly before midday after being placed in a trading halt prior to the announcement. Investors quickly moved to snap up the stock, trading in high volumes and well above the placement price of $1.55 per share. Mr Stephen Kwik, managing director of Peptech, said: "The funds will be used in part to fund further development of single domain antibodies against TNF currently being developed by Domantis and to provide additional working capital.” “The capital raising places Peptech in a strong cash position," he added. Last week, Peptech rocketed skywards after one of its key partners, Abbott Laboratories, announced on its website that it had received approval from the US FDA to market its anti-arthritis treatment, HUMIRA. Peptech was allowed to trade for 31 minutes before it made the information available locally, by which time the stock had already risen 27%. By day’s end the stock had spiked more than 54%. The information had reportedly been available over the internet four days earlier, with Peptech subsequently receiving criticism from brokers and a "please explain" note from the Australian Stock Exchange, At 1450 AEST Peptech was 10c or 6.21% stronger at $1.71 [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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