Australia's LTR Pharma falls on discounted placement

Ltr Pharma

24/07/2024 04:49

** Shares of LTR Pharma  LTP.AX  fall as much as 15% to
A$0.765, their lowest level since July 17
    ** Shares of co on track for their worst day since June 13,
if losses hold
    ** Biopharma co says received frim commitments to raise
A$10.5 million  ($6.92 million) via placement
    ** Issue price of A$0.73 per share represents 18.9% discount
to co's last close
    ** Adds, funds raised will be used to advance SPONTAN's,
co's nasal spray treatment for erectile dysfunction, regulatory
pathways, among others
    ** About 1.1 shares change hands by 0344 GMT, 1.4 times the
30-day average volume of shares
    ** However, stock has more than doubled this year, as of
last close

($1 = 1.5168 Australian dollars)

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