Rights issue
Sygnis Pharma AG of Heidelberg has announced a rights issue to raise up to €18 million to further advance the development of its central nervous system diseases treatments and to support further growth of the company. It will issue up to 12.7 million ordinary shares at €1.44 per share, and has a commitment to take up all 12.7 million from the companies two main investors, dievini Hopp Biotech GmbH and BASF SE.
The new money will be used in part to finance a Phase II efficacy trial for AX200, Sygnis’s lead product, in the treatment of acute ischemic stroke, which is due to start soon.
The company also plans to expand indications for the product, which has been granted Orphan Drug Designation for AX200 in the treatment of the neurodegenerative disease Amyotrophic Lateral Sclerosis and spinal cord injury.
In June 2008 Sygnis acquired Amnestix Inc, a spin-out from the US Translational Genomics Research Institute, providing a future flow of drug candidates into its pipeline.
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