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Actinogen Medical to raise A$17M via placement, share purchase plan

Actinogen Medical Ltd. expects to raise A$15 million through a private placement of shares, priced at 5 Australian cents each.

U.S.-based investor Biotechnology Value Fund LP and certain of its affiliates agreed to subscribe for A$10.5 million of shares. Biotechnology Value Fund will become Actinogen Medical's largest shareholder, owning 19.9% of the company, following the placement.

The placement will be conducted in two tranches: an issue of 187,122,994 shares on May 28, with the remaining 112,877,006 shares to be issued subject to shareholder approval.

Additionally, the company started a purchase plan for A$2 million in shares, also priced at 5 cents each. Eligible shareholders will be able to subscribe for A$15,000 of shares each.

Proceeds from both transactions will go toward developing, Xanamem, Actinogen Medical's lead drug.

Sydney-based Actinogen Medical develops novel treatments for Alzheimer's disease and other age-related neurodegenerative disorders.