Shares in Perth-headquartered pSivida Ltd fell more than 5 per cent today after the global bio-nanotech company announced that its non-renounceable rights issue had closed well short of the original fund raising target.

In May, the company announced it was conducting a one-for-eight rights issue at 60 cents per share to raise up to $29 million through the issue of up to approximately 48.3 million new ordinary shares at 60 cents each.

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