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Phosphagenics' A$19.3 million Capital Raising
Date:7/11/2014

MELBOURNE, Australia, July 11, 2014 /PRNewswire/ -- Australian drug delivery company, Phosphagenics Limited (ASX: POH; OTCQX: PPGNY), today announced that it has raised A$19.3 million via a placement of A$16.3 million to institutional investors in Europe, the U.S., Asia and Australia and A$3 million from a share purchase plan (SPP) to be offered to existing shareholders.  The placement of A$16.3 million will be made in two tranches.

"This capital raising positions us strongly to fulfil our commercialisation objectives and fully funds our scheduled TPM®/opioid clinical trial programs.  The capital raised is earmarked for our pivotal TPM®/Oxymorphone Phase 2 clinical trial in the USA scheduled for the first half of 2015 and our upcoming TPM®/Oxycodone Phase 2 trial in Australia," said CEO, Harry Rosen.

"The capital raising comes at a time when the Company is focusing on exploiting the commercialization of several of its lead programs.  We have recently strengthened our business development capacity in the U.S. to assist in this process.  While we have unquestionably shown that our technology provides enhanced delivery solutions across a wide range of products, we now need to translate this to commercial outcomes," said Harry Rosen.

The completion of this capital raising and the investment by new and existing institutional shareholders is a strong endorsement of the TPM® technology and commercial prospects of Phosphagenics.

The institutional placement is for initially 153,000,000 shares at 8 cents per share. This represents a discount of 11% to the last sale price of 9 cents.  A placement of a further 51,000,000 shares at the same pric
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SOURCE Phosphagenics Limited
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