Edesa Biotech to raise $15 million to fund trial; shares rise

Edesa Biotech

13/02/2025 15:08

** Shares of drug developer Edesa Biotech  EDSA.O  surge
68.9% to $3.1 in morning trade 
    ** EDSA says it is raising $15 million from private
placement of shares
    ** Co says it will use the proceeds towards a mid-stage
trial evaluating its experimental treatment EB06 in patients 
with nonsegmental vitiligo, a chronic skin disorder that causes
patches and loss of skin color 
    ** Co says shares were offered directly to the investors
without a placement agent, underwriter, broker or dealer
    ** Co has 3.47 mln outstanding shares and market value of
$6.45 mln - LSEG data
    ** Stock fell ~69% in the last 12 months 
    

 (Reporting by Padmanabhan Ananthan)
 ((Padmanabhan.Ananthan@thomsonreuters.com;))