iX Biopharma sinks 9.7% after proposing S$10.2m placement at discount

Singapore

SHARES of pharmaceutical company iX Biopharma sank nearly 10 per cent on Wednesday, after it proposed a private placement of about

44.5 million new ordinary shares at 23 Singapore cents apiece to raise a total of S$10.2 million.

The counter hit an intra-day high of S$0.31 shortly after the opening bell, before ending Wednesday at an intra-day low of S$0.28, down S$0.03 or 9.7 per cent from Tuesday's close of S$0.31. About 22.8 million shares changed hands.

Catalist-listed iX Biopharma on Tuesday entered into a conditional subscription agreement with 24 sub…

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