Paradigm Biopharmaceuticals drops most in over 5 years on discounted placement

Paradigm Biopharmaceuticals

15/08/2022 06:07

** Shares of Australia's Paradigm Biopharmaceuticals Ltd
 PAR.AX  slump as much as 27.71% to A$1.43, biggest intraday
loss since June 16, 2017
    ** Co to raise A$66 mln ($46.85 million) via institutional
placement and 1 to 15 pro-rata renounceable entitlement offer
 urn:newsml:reuters.com:*:nL8N2ZQ0S2
    ** Issue price of A$1.30 represents a discount of 34.3% to
the last close on Wednesday, after which shares went into a
trading halt 
    ** About 35.1 mln shares will be issued under the placement
and about 15.6 mln shares under the entitlement offer 
    ** Says funds raised will be used towards its Phase 3
clinical program and new drug application related activities,
among others
    ** Shares touch their lowest since Aug. 4
    ** More than 1.9 mln shares change hands, 4.1 times the
30-day average of 463,663 shares
    ** Stock has risen 5.3% this year as of last close

    


($1 = 1.4088 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))