Australia's PharmAust falls on discounted placement

Neurizon Therapeutics

21/06/2024 02:00

** Shares of PharmAust  PAA.AX  down as much as 13.3% to
A$0.195, their lowest since May 30
    ** The clinical-stage biotech firm says it received firm
commitments to raise A$10 mln ($6.6 mln) via institutional
placement at A$0.19 per share 
    ** Issue price represents a discount of 15.6% to co's last
close of A$0.225
    ** PharmAust stock has risen 95.7% this year, as of last
close

    ($1 = 1.5020 Australian dollars)

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