Australia's Pharmaxis slides on discounted placement

Syntara

17/11/2021 02:33

** Shares of Pharmaxis Ltd  PXS.AX  fall as much as 8.7% to
A$0.105, their lowest since Oct. 25
    ** The biopharma co receives commitments to raise A$7.2
mln($5.25 mln) via placement of 68.2 mln shares as it conducts
two clinical studies for its cancer drug  urn:newsml:reuters.com:*:nASX2z8ywM
    ** Issue price of A$0.105 represents a 8.7% discount to
stock's last closing price
    ** New shares represent 15% of shares on issue
    ** PXS shares fall for a third consecutive session, eye
worst day since Oct. 25
    ** Volumes are 4.5 times the 30-day average of 429,827
shares
    ** As of last close, stock up 23.7% this year

($1 = 1.3727 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))