Australia's Paradigm Biopharmaceuticals tumbles on discounted raise

Paradigm Biopharmaceuticals

01/11/2023 24:36

** Shares of Australia's Paradigm Biopharmaceuticals Ltd
 PAR.AX  fall as much as 32.3% to A$0.405, their lowest since
May 9, 2018
    ** Stock posts its biggest intraday drop since June 16, 2017
    ** Arthritis drug maker said on Monday it will raise A$30
mln ($19.02 mln) via institutional placement and entitlement
offer to fund co till mid-CY25
    ** Placement at A$0.43 per new share represents 29.1%
discount to stock's last close on Friday
    ** Stock was on trading halt on Oct 30 and 31
    ** More than 3.9 mln shares change hands, compared with the
30-day average volume of 834,445 
    ** Stock down 56.2% YTD, as of last close




($1 = 1.5773 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))