Cynata Therapeutics Ltd. completed a placement of about 9.23 million fully paid ordinary shares at 65 Australian cents apiece, for gross proceeds of A$6.0 million before costs.
The oversubscribed placement was made to both new and existing institutional investors, Cynata said. The placement is expected to occur on or about Jan. 27, and the shares to be issued Jan. 30.
Cynata plans to use proceeds along with its FUJIFILM Corp. investment to accelerate and expand the development of Cymerus, its therapeutic mesenchymal stem cell technology.
The placement was jointly managed by Shaw and Partners Ltd. and CPS Capital Group Pty Ltd.
As of Jan. 20, US$1 was equivalent to A$1.32.