Clarity successfully completes placement and institutional entitlement offer

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Clarity Pharmaceuticals (ASX:CU6) has completed the $101 million placement to institutional investors and the institutional component of the approximate $20 million pro rata accelerated non-renounceable entitlement offer to existing eligible shareholders in Australia and New Zealand.

The offers closed on Tuesday, 26 March. The offer price per new fully paid ordinary share is $2.55 per share.

Clarity said Bell Potter is the sole underwriter and is acting as a joint lead manager with Wilsons Corporate Finance, with Lander & Rogers as the Australian legal adviser.

The placement will result in the issue of approximately 39.5 million new shares at the offer price, raising approximately $101 million. Approximately 3.7 million new shares will be issued to successful applicants under the Institutional Entitlement Offer at the offer price, raising approximately $9 million.

The company said the amount raised will fund the development of its clinical portfolio of products, SAR-bisPSMA, SAR-Bombesin and SARTATE.