CANbridge Pharmaceuticals Nets HK$199 Million via Share Placement

MT Newswires Live03-11

CANbridge Pharmaceuticals (HKG:1228) said it completed the placement of 84 million new shares at HK$2.38 each, raising net proceeds of about HK$199 million, according to a Wednesday Hong Kong bourse filing.

The shares were subscribed by WuXi Biologics HealthCare Venture, a Hong Kong-based limited partnership indirectly wholly owned by WuXi Biologics (HKG:2269).

The proceeds will be used mainly to settle trade payables, support research and development for its pipeline, and fund working capital and registration maintenance for commercialized products, the company said.

Separately, CANbridge said certain license agreements with WuXi Biologics will constitute continuing connected transactions after the subscription completion, as the subscriber has become a substantial shareholder.

The agreements cover licenses for drug candidates including CAN103, CAN104, CAN105 and CAN106, which target rare diseases such as Gaucher disease, Fabry disease and hemophilia A, the filing said.

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