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Factor Therapeutics seeking to raise A$4.2M

Australia's Factor Therapeutics Ltd. is looking to raise about A$4.2 million via a fully underwritten entitlement offer.

Factor Therapeutics will offer existing shareholders an option to purchase 1 new stock for every 7 they own in the company as of March 19.

The new stocks will be priced at 4 Australian cents each.

Taylor Collison Ltd. is acting as lead manager and underwriter for the offer.

Factor Therapeutics will use proceeds for the phase 2 development of VF001, a drug it is evaluating to treat venous leg ulcers. The company said proceeds will also go toward developing certain pipeline assets.

Acceptances under the offer are expected to close April 11.