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Posted in | Nanomedicine | Nanobusiness

pSivida Announces US$9m Placement

Published on February 20, 2007 at 12:10 PM

pSivida Limited has announced the private placement, subject to shareholder approval, of 50 million fully paid ordinary shares issued at A$0.23 each to raise A$11.5m (US$9m at current exchange rates) before costs to Australian, European and United States investors. Each share will be issued with two free attaching options at an exercise price of A$0.23 and a term of four years. Placements to U.S. investors were made pursuant to Regulation D under the U.S. Securities Act and placements to non- U.S. investors were made pursuant to Regulation S under that Act. HPC Capital Management Corp., a New York based investment bank, acted as the sole placement agent.

The capital raising was undertaken in replacement of the previously-announced Nordic Biotech Fund interim financing described in the Notice of the Extraordinary General Meeting.

“This capital raising allows the Company to focus on the recently announced exclusive licensing negotiations with a global pharmaceutical company and continue its primary focus on near and medium term opportunities, particularly in the area of controlled slow release drug delivery technologies,” said Dr. Paul Ashton, Managing Director of pSivida Limited.

http://www.psivida.com

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