Antisense Therapeutics Ltd. completed a private placement of 48,484,849 common shares, raising about A$1.6 million in gross proceeds.

The Australian pharmaceutical company, based in Toorak, Victoria, issued the shares for 3.3 Australian cents apiece.

Antisense Therapeutics previously said it plans to use proceeds to fund development of its product candidate ATL1102 to treat Duchenne muscular dystrophy, or DMD, a genetic disorder characterized by progressive muscle degeneration and weakness that could lead to death.

Antisense Therapeutics develops therapies to treat diseases including DMD, multiple sclerosis and acromegaly.