Actinogen Medical closes $10 million rights issue offer

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Actinogen Medical (ASX:ACW) has successfully completed its non-renounceable rights issue offer.

The company said the offer closed on Monday, 4 September 2023, with all shares on offer taken up by existing shareholders and through shortfall commitments.

The company said the funds raised will be used to progress its Phase 2 clinical trial program, including completion of the XanaCIDD trial of Xanamem in patients with cognitive impairment associated with depression, startup activities for the XanaMIA trial in patients with mild-moderate Alzheimer’s disease, and general working capital purposes.

It said that the allotment and issue of new shares and options under the rights issue offer for shareholder subscriptions is expected to take place on Monday, 11 September 2023, with trading of the new shares expected to commence on the ASX on Tuesday, 12 September 2023.