Australia's Pharmaxis eyes worst day in 2 years on discounted placement

Syntara

19/10/2022 03:22

** Shares of Pharmaxis Ltd  PXS.AX  fell as much as 16.67%
to A$0.065, their biggest intraday pct loss since Sept. 7, 2020 
    ** The biopharma co says it has received firm commitments to
raise A$10 million ($6.32 million) from institutional investors
    ** Issue price of A$0.06 per share represents a ~23.1%
discount to the last trade on Oct. 17
    ** Says funds raised to be used to advance co's clinical
trials
    ** Stock hits lowest since July 1 
    ** Stock has fallen 35% on a YTD basis, as of last close 
($1 = 1.5833 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))