Neurotech International (ASX: NTI), a clinical-stage biopharmaceutical company focused on paediatric neurological disorders, has received binding commitments from investors for approximately $4 million through the issue of 285,976,909 new fully paid ordinary shares.
The placement attracted support from both existing and new institutional, professional, and sophisticated investors.
Subject to shareholder approval, all directors of Neurotech have committed to participate in the placement, contributing a total of around $250,000.
Proceeds from the placement will be directed toward advancing NTI164 non-clinical toxicology studies, registration-enabling clinical programs, regulatory submissions, and general working capital.
The issue price of $0.014 per share represents a 23.8% discount to the 15-day volume-weighted average price of $0.0184.
At the time of reporting, Neurotech International's share price was $0.016.