Patrys Ltd (ASX:PAB) has announced a $7.8 million capital raising via a Placement and fully underwritten Rights Issue offer.
Patrys is raising the $7.8 million to ?accelerate development of its Full-Sized IgG deoxymab antibody that is expected to provide Patrys with additional development and partnering opportunities?.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company?s share price at the time to entice new and existing investors.
Shares of Patrys Ltd traded 7.14% lower at $0.039/share after the announcement.