Suda Ltd. raised A$1.5 million in an oversubscribed underwritten placement of 75 million fully paid ordinary shares at 2 Australian cents apiece.

The company will use the funds to commercialize and further develop its drug pipeline, which includes ZolpiMist for the treatment of insomnia.

RM Corporate Finance acted as the lead manager and underwriter of the placement.

As of April 6, US$1 was equivalent to A$1.32.