Australia's Syntara falls on discounted placement

Hanall Biopharma

30/07/2024 03:27

** Shares of Syntara  SNT.AX  fall as much as 27.5% to
A$0.029, their lowest level since July 9
    ** Shares on track for their worst day since Dec 18, 2019,
if losses hold
    ** The biopharma co says it received firm commitments to
raise A$5 mln ($3.27 mln) via placement
    ** Issue price of A$0.028 per share represents 30% discount
to co's last close
    ** Syntara adds funds raised will provide certainty of
funding towards the Phase 2 clinical study of co's drug asset
SNT-5505, among others
    ** About 5.7 mln shares change hands, 3.2 times the 30-day
average volume of shares
    ** Stock has doubled in value this year, as of last close

    ($1 = 1.5305 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))