Phylogica raises $2.15m

Phylogica has completed a $2.15 million capital raising to fund its drug discovery infrastructure, invest in in-house programmes and support operational activities.

The Perth-based biomedical technology company announced today a placement of over 40 million shares at 5.3 cents per share to institutional and sophisticated investors.

For every three shares issued under the placement, Phylogica will issue two free attaching listed options.

RBS Morgans acted as lead manager on the capital raising.

This year, the company has announced progress in partnerships with Roche, Pfizer and MedImmure, and aims to secure three new alliances by mid-next year.

The company said it remains on-track to achieve cash sustainability in 2012/13.

Phylogica shares were down 0.3 cents to 4.6 cents at 1.01pm WST.