Australia's Adalta posts worst day in 1-1/2 months on discounted placement
15/12/2021 04:16
** Shares of Adalta Ltd 1AD.AX dip as much as 7.4% to
A$0.075, mark their worst trading session since Oct 27
** The clinical-stage biotech co says it raised A$3.75 mln
($2.66 mln) by issuing 54.4 mln new shares via placement
urn:newsml:reuters.com:*:nFWN2SZ11Z
** The issue price of A$0.073 represents a discount of 9.9%
to Thursday's close, after which shares went into a trading halt
** Funds raised will be used to develop improved intravenous
formulations of its pulmonary fibrosis treatment drug, AD-214
for phase 2 clinical trial, among others
** Volumes are 2.2 times compared with the 30-day average
volume of 229,280
** As of last close, stock down 35.2% this year
($1 = 1.4073 Australian dollars)
(Reporting by Navya Mittal)
((Navya.Mittal@thomsonreuters.com;))