Cellmid (ASX: CDY) has raised $4 million in a 133 million share placement.
KTM Capital acted as Manager for the Placement, which was oversubscribed and supported by new institutional and sophisticated investors, the company said.
Cellmid currently operates three businesses - a therapeutic program in midkine, a cancer diagnostic asset portfolio and a range of FGF5 inhibitor hair growth products available as over-the-counter medicines.
The company undertook the capital raising after upgrading its revenue forecast earlier this month on the better than expected performance of its FGF5 inhibitor hair growth products.
It will use the newly-raised capital to fund the further expansion of the company's operation in Australia and internationally.
The placement of 133 million fully paid ordinary shares at an issue price of $0.03, representing a 20 per cent discount to the 5 day volume weighted average price immediately prior to the placement, raised $4 million.