Australian Cancer raises $3.8 million

AUSTRALIAN Cancer Technology has announced a placement of 9.5 million shares to raise about $3.8 million.

Australian Cancer managing director Paul Hopper said the capital raising placed the company in a strong financial position to continue its overseas expansion into the US and European markets.

"There are also opportunities to accelerate both R&D and commercialisation activities in the anti-idiotypic cancer vaccine field," he said.

More than 60 per cent of the issue was placed with UK-based Mercury Investments Limited and the remaining shares were underwritten by Jaguar Advisory Services.

Mercury Investments is an international investment fund based in London and incorporated in Hong Kong that focuses on identifying and investing in undervalued companies in the biotechnology and information technology sectors.