Antisense Therapeutics Ltd. is looking to raise A$1.6 million in a share placement to fund its development of the ATL1102 drug for Duchenne muscular dystrophy.
Duchenne muscular dystrophy, or DMD, is a genetic disorder characterized by progressive muscle degeneration and weakness that could lead to death.
The company will issue 48,484,848 shares at 3 Australian cents apiece in the transaction. The placement is backed by Australian Ethical Investment and Platinum Asset Management, the company's major healthcare institutional shareholders.
Antisense Therapeutics plans to seek regulatory approval to conduct a phase 2b clinical study for ATL1102 among DMD patients in Europe.
XEC Partners is acting as lead manager in the placement.
Toorak, Victoria-based Antisense Therapeutics is engaged in the development and commercialization of antisense therapeutics to treat DMD, multiple sclerosis and acromegaly.