Australia's Argenica Therapeutics falls most in 2 years on discounted placement

Argenica Therapeutics

02/06/2023 02:01

** Shares of Argenica Therapeutics Ltd  AGN.AX  dip as much
as 16.5% to A$0.355, their biggest intraday pct loss since June
15, 2021
    ** The biotech co says it has received binding commitments
to raise A$4 mln ($2.71 mln) before costs 
    ** Issue price of A$0.35 per share is at a 17.6% discount to
last close on May 30
    ** Says funding will enable co to start its Phase 2 trial of
ARG-007 in ischaemic stroke patients
    ** Shares hit their lowest level since June 15, 2022
    ** AGN stock down 5.6% YTD, as of last close 

    ($1 = 1.4743 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))