Actinogen Medical (ASX:ACW) has announced the successful completion of its non-renounceable 1-for-15 entitlement offer to raise up to $3.9 million.
The company said existing shareholders submitted acceptances for Entitlement Shares and Additional Shares under the top-up offer above the total securities available to be issued under the Entitlement Offer.
The company said it will complete the allocation of the Additional Shares and provide a further update to the market on or before 5 June 2024, with trading in the new shares expected to commence no later than 6 June 2024, per the Entitlement Offer timetable announced on 3 May 2024.
It said that when combined with the placement announced on 3 May 2024, this brings total funds raised to $8.9 million.
The funding will be applied to progress the XanaMIA trial in patients with mild-moderate Alzheimer’s disease beyond the interim results in the first 100 patients, expected in mid-2025, and for general working capital.
CEO Steven Gourlay said, “We’re very pleased and grateful for the strong support of shareholders which endorses our view of the potential for Xanamem’s success in its two phase 2 clinical trial programs. We look forward to reporting on the results of our XanaCIDD phase 2a trial in cognition and depression early next quarter, and the interim results from our XanaMIA phase 2b trial in patients with Alzheimer’s disease in mid-2025.”