Financial Wire

Neurizon Therapeutics Raises Nearly AU$3 Million to Reduce Entitlement Offer Shortfall; Shares Fall 7%

-- Neurizon Therapeutics (ASX:NUZ) received firm commitments to raise AU$2.7 million to help fill the shortfall from its recently completed pro rata non-renounceable entitlement offer, which raised about AU$5.9 million of the targeted AU$17.1 million, leaving a shortfall of around AU$11.3 million, according to a Thursday Australian bourse filing.

The company will issue 33.2 million new shares at AU$0.08 each under the shortfall placement, with the shares ranking equally with existing shares, per the filing.

Settlement is scheduled for April 20, with allotment taking place on April 21, the filing said.

The funds will be used to advance the ongoing clinical development and potential commercialization of its lead candidate NUZ-001, as well as to support general working capital requirements, the filing said.

The company's shares fell around 7% in recent Thursday trade.

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