Argent BioPharma, a drug development company, raised an additional US$2 million ($3 million) by issuing 2.5 million fully paid ordinary shares at 80 US cents ($1.20) per share.
The placement participants will also receive one free attaching warrant for every two subscribed shares.
The warrants are exercisable at US$1.20 ($1.80) each and expire three years from the date of issue.
The proceeds from this placement will be used to advance Argent BioPharma’s drug development pipeline, which includes its products CannEpil and CimetrA in the US and EU markets.