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Phylogica raises $3.75m

SUBIACO-BASED biopharmaceutical company, Phylogica Ltd, has launched a share placement and share purchase plan to raise a total of $3.75 million to help fund its drug discovery projects. Company chief executive Stewart Washer said Phylogica’s corporate advisers, Cygnet Capital Pty Ltd, would assist with the raising through a fully underwritten $1.5 million placement. In addition to the placement, all Phylogica shareholders will be offered a share purchase plan to raise up to an additional $2.25 million, to be managed by Cygnet. Under the SPP, shareholders registered as of September 28 2006 (the record date) will be eligible to apply for up to $5,000 of ordinary shares, with the subscription price to be the lower of either: a 20 per cent discount to a five-day weighted average market price prior to the closing date; or 45 cents per share. The total to be raised under the SPP is capped at $2.25 million and all The closing date for the SPP is set for October 18 2006 and allotments will be made in order of receipt of applications until the amount to be raised is reached. A conjunctional placement of $1.5 million to sophisticated, professional and institutional investment clients of Cygnet will also be completed with shares offered at the same price as the offer under the SPP.

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