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Health & Biotech
Global analytical sciences company Trajan Group (ASX:TRJ) has today launched a Share Purchase Plan (SPP) with the intention of raising up to $5 million.
The SPP will enable Trajan shareholders to apply for ordinary shares in Trajan at the same price of $2/share as an institutional placement which raised $29.7 million. The price represents an 11.1% discount to the ASX closing price for shares on June 16.
The acquisition is to be funded via the institutional placement, a $20 million in acquisition debt financing through a facility with HSBC, and $13.4 million from existing cash.
The TRJ stock price is currently under suspension pending the cap raise.
Smartphone-based respiratory diagnostic maker ResApp (ASX:RAP) may be looking to drum up some more investors after its share price plunged more than 30% this week on the back of studies which showed its Covid-19 cough algorithm wasn’t quite as sensitive as first thought.
CEO and managing director Tony Keating will present at the Gold Coast Investment Showcase today at 3.15pm (AEST) at the glitzy JW Marriott Resort and Spa.
An independent study released this week revealed that ResApp’s Covid-19 cough algorithm achieved a sensitivity of 84% and a specificity of 58%, lower than the results of ResApp’s own pilot study.
The results are significantly lower the thresholds specified under acquisition terms with global pharmaceutical giant Pfizer, which set a minimum sensitivity of 86% and a minimum specificity of 71%.
RAP’s share price had jumped by 50% after Pfizer increased its offer to 20.7c, valuing the company at $180m if the results met the threshold.
As a result, Pfizer’s acquisition price will now be reduced from 20.7c to 14.6 per ResApp share in cash, representing an equity value of $127 million.
Neurodegenerative diseases specialist Alterity Therapeutics (ASX:ATH) has announced the Italian Medicines Agency has granted approval for its Phase II trial of ATH434 in multiple system atrophy (MSA), a rare and highly debilitating Parkinsonian disorder.
The Phase II clinical trial is a randomised, double-blind, placebo-controlled investigation of ATH434 in patients with early stage MSA.
The study will explore the effect of ATH434 treatment on imaging and protein biomarkers, such as aggregating α-synuclein and excess iron, which are important contributors to MSA pathology.
CEO David Stamler said approval by the Italian authorities provides another endorsement of the approach being taken with the Phase II trial.
“MSA is a devastating disease, and we want to reach patients in several regions of the globe to offer ATH434 as a potential treatment for their condition,” he said.
“With our trial now open for enrolment in New Zealand and regulatory authorisations in the UK and Italy, we are focused on opening study sites in these regions and expanding access to other countries throughout the year.”
The alterity share price bounced more than 6% on the news.
Health & Biotech
Health & Biotech
Health & Biotech
