Additional Listing
May 08 2008 - 6:44AM
UK Regulatory
RNS Number:9662T
Phosphagenics Limited
08 May 2008
08 May 2008
Company Announcement
Phosphagenics Completes A$9.1 M Capital Raising
Phosphagenics Limited ("Phosphagenics") (ASX: POH, AIM: PSG, OTCQX: PPGNY) today
announced that it has raised A$9.1 m via a placement of approximately 60.6
million fully paid ordinary shares to leading overseas and domestic
institutions, and other sophisticated investors, at A$0.15 cents per share.
It is expected that trading in the new shares on the Australian Stock Exchange
and AIM a market operated by the London Stock Exchange will commence on or
around 12 May 2008.
Mr Harry Rosen, Phosphagenics' President & CEO said that the company was very
pleased with the response from investors.
"We are very pleased to receive this substantial support from our existing
shareholders as we continue to focus on the discovery of new and cost-effective
ways to enhance the bioavailability, delivery, efficacy and safety of proven
pharmaceutical and nutraceutical products," Mr Rosen said.
"The funds raised considerably strengthen the Company's financial position and
together with Australian government grants and other revenue will support
Phosphagenics' research and development programs through to the end of calendar
year 2009," he said.
ENDS.
APPENDIX AND NOTES TO EDITORS
About Phosphagenics Limited
Phosphagenics is a Melbourne-based, globally driven biotechnology company
focused on the discovery of new and cost effective ways to enhance the
bioavailability, activity, safety and delivery of proven pharmaceutical and
nutraceutical products.
Phosphagenics' core technology is built around the science and application of
phosphorylation, a process where the addition of a phosphate group has been
found to enhance the bioavailability, efficacy and safety of existing
pharmaceuticals and nutraceuticals, as well as to assist in the production of
drug delivery platforms.
Phosphagenics' shares are listed on the Australian Stock Exchange (POH) and the
London Stock Exchange's Alternative Investment Market (PSG). An ADR - Level 1
program was established in the U.S. with The Bank of New York Mellon (PPGNY) for
U.S. investors to trade in Phosphagenics' stock on the 'over-the-counter'
market. In July 2007, this was upgraded to the International OTCQX, a new
premium market tier in the U.S. for international exchange-listed companies,
operated by Pink Sheets, LLC.
For more information, please visit Phosphagenics' web site at
www.phosphagenics.com
About BBY
BBY is the stockbroker to Phosphagenics.
BBY is a full service Australian stockbroking and Corporate Advisory firm. With
offices in Sydney, Melbourne and London and a major US bank Jefferies Inc (NYSE:
JEF) as an equity partner, BBY is well positioned to service its clients' local
and global needs.
Safe Harbor Statement
This press release contains forward-looking statements based on current
expectations of future events. If underlying assumptions prove inaccurate or
unknown risks or uncertainties materialise, actual results could vary materially
from the Phosphagenics' expectations and projections. Risks and uncertainties
include general industry conditions and competition; economic conditions, such
as interest rate and currency exchange rate fluctuations; technological advances
and patents attained by competitors; challenges inherent in new product
development, including obtaining regulatory approvals; domestic and foreign
health care reforms and governmental laws and regulations.
Company Contact Details: U.S. Investor and Media Contacts:
Harry Rosen Brian Ritchie
Phosphagenics Limited Financial Dynamics
President & CEO +1 212 850 5683
+61 3 9605 5900
Mary McSwiggan
Phosphagenics Limited
Investor Relations Manager
+61 3 9605 5907
This information is provided by RNS
The company news service from the London Stock Exchange
END
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