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PharmAust raises A$2.4M to fund clinical trials of cancer growth inhibitor

PharmAust Ltd. raised about A$2.4 million via a placement of common shares to a group of Australian and Singaporean institutional investors.

The Australian pharmaceutical company plans to use the proceeds to further investigate its cancer growth inhibitor monepantel.

PharmAust sold about 20 million common shares at a price of 12 Australian cents each. JP Equity Partners acted as lead manager to the placement, the company said in an Oct. 3 news release.