Telix Pharmaceuticals (ASX:TLX), a clinical-stage biopharmaceutical company focused on the development of diagnostic and therapeutic products based on targeted radiopharmaceuticals or 'molecularly-targeted radiation', has announced subscriptions under its Share Purchase Plan (SPP) totalled approximately $9.6 million.
The company announced the SPP following the recent completion of a $40 million private placement to professional and sophisticated investors.
Under the SPP, existing shareholders were offered the opportunity to purchase up to $15,000 worth of new shares at the same price as the placement ($1.30 per share) and without any brokerage or transaction costs.
The SPP was capped at a maximum of $5 million worth of new shares. As the SPP is over-subscribed, a scale-back of applications will be enacted, said the company.
The company said under its policy all validly received applications will be scaled-back equally by approximately 47 per cent. New shares are expected to be issued to investors under the SPP on Thursday 22nd August 2019.