iX Biopharma rights issue closes 196.2% subscribed

42C 's rights issue closed on July 19 with valid acceptances and valid excess applications amounting to 196.2 per cent of the shares available for subscription, the speciality pharmaceutical company said in a bourse filing on Monday.

Some 48.8 million ordinary shares will be issued at an issue price of S$0.20 per share, to raise net proceeds of S$9.56 million.

The issue price represents a discount of 18.4 per cent to the counter's closing price of 24.5 Singapore cents on June 8, which was the shares' last trading day on the Singapore Exchange (SGX) prior to the announcement of the rights issue.

Net proceeds will be used to fund manufacturing and marketing activities for the group's products and for general working capital purposes, the group said.

iX Biopharma expects the new shares will be listed and quoted on the SGX Catalist board on or around July 28.

Shares of iX Biopharma closed at S$0.23 on Friday, down S$0.01 or 4.2 per cent.