PERTH, Australia, Jan. 6, 2025 /PRNewswire/ -- Argent BioPharma (ASX: RGT) (OTCQB: RGTLF), a clinical-stage biopharmaceutical company addressing unmet medical needs by developing innovative treatments for central nervous system and immune-related disorders through neuro-immune modulation and advanced nano-medicine technology.
The company announces the successful completion of a US$4,500,000 (before costs) capital raise (Placement) through the subscription of 5,625,000 Units, each priced at US$0.80(~A$1.28). Each Unit comprises two (2) fully paid ordinary shares (Placement Shares) and one (1) free-attaching warrant, exercisable at US$0.55(~A$0.88) with an expiry date of three years from issuance (Warrants).
The Placement will be conducted in two tranches: Tranche 1: 5,000,000 Placement Shares and 2,500,000 Warrants to be issued immediately, utilising the Company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A. Tranche 2: 6,250,000 Placement Shares and 3,125,000 Warrants to be issued subject to shareholder approval at an upcoming general meeting.
The Placement Shares will be issued at a price of US$0.40(~A$0.64), representing approximately: 370% to the 15-day VWAP of A$0.173, and 377% to the last closing price of A$0.17 before the stock entered a trading halt on 3 January 2025.
The proceeds from the Placement will support the advancement of Argent BioPharma's drug development pipeline, with a particular focus on progressing CannEpil® and its planned clinical studies.
The Company is also conducting a comprehensive strategic review of its operational and administrative functions to ensure the long-term sustainability of its operations, which is following the delisting from the LSE and establishing the work-plan toward US National Listing.
Corporate Advisor: Sputnik Enterprises Ltd acted as the corporate advisor for the Placement and will receive: A cash fee of 5% of the Placement proceeds, and 1,125,000 Warrants, subject to shareholder approval.
Authorised for release by the board of directors, for further information please contact:
Argent BioPharma
Roby Zomer
CEO & Managing Director
+61 8 6555 2950
info@argentbiopharma.com
Argent BioPharma
Rowan Harland
Company Secretary
+61 8 6555 2950
info@argentbiopharma.com
About Argent BioPharma
Argent BioPharma Limited (the "Company") (ASX: RGT);(OTCQB: RGTLF) is an innovative clinical-stage biopharmaceutical company specializing in neuroimmunology, developing advanced nano-medicines to address unmet medical needs in central nervous system (CNS) disorders and immune-related conditions. By leveraging cutting-edge technologies, including the Neuro-Immune Modulatory (NIM) System and its role in coordinating nervous and immune responses, Argent BioPharma's robust pipeline—featuring lead candidates like CannEpil®, CogniCann®, and CimetrA®—targets complex diseases where effective treatments are lacking. Through a commitment to science-driven innovation and patient-centered outcomes, Argent BioPharma is reshaping the future of care for chronic, inflammatory, and neurodegenerative diseases
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LinkedIn: Argent BioPharma
Twitter: @ArgentBioPharma
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SOURCE Argent BioPharma Ltd.
