Australia's Percheron Therapeutics plunges on discounted placement

Percheron Therapeutics

18/10/2024 02:01

** Shares of Percheron Therapeutics  PER.AX  fall as much as
36.3% to A$0.086, on track for their worst day since March 24,
2010, if current losses hold 
    ** Stock hits lowest level since Sept. 13
    ** Biotech firm says it will raise A$13 mln ($8.71 mln) via
institutional placement at A$0.08 per share, a 40.7% discount to
stock's last close 
    ** Says proceeds will be used to strengthen its financial
position, ahead of planned release of data on clinical trial of
avicursen to treat Duchenne muscular dystrophy
    ** About 17 mln shares change hands, compared with the
30-day average volume of 1.2 mln

($1 = 1.4919 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))