Phylogica placement raises $5.2m

Perth-based biomedical technology firm Phylogica has raised $5.2 million through a share placement to institutional and sophisticated investors it said was heavily oversubscribed.

Phylogica issued 88.14 million shares at 5.9 cents a share and issued one option for ever two shares issued under the placement.

The company's stock gained 1.43 per cent today, to close at 7.1 cents.

Over the last 12 months, Phylogica has signed international partnerships with Roche, AstraZeneca and Pfizer, generating revenue of $2.5 million.

Phylogica said it would use the funds raised from the placement to enhance its drug discovery platform, purchase new equipment and for general working capital.