viewSUDA Pharmaceuticals Ltd

SUDA Pharmaceuticals' directors show confidence in company through participation in placement

Placement proceeds will be used for the development of OroMist® products, the identification and evaluation of new technologies for potential acquisition and for working capital.

SUDA Pharmaceuticals Ltd -
The company’s product pipeline includes ZolpiMist™, a first-in-class oral spray of zolpidem tartrate for the treatment of short-term insomnia.

SUDA Pharmaceuticals Ltd (ASX:SUD) (FRA:E4N) directors have demonstrated their confidence in the company’s biopharmaceutical strategy by participating in a placement announced on December 16, 2020.

On February 16 chief executive officer Michael Baker purchased 416,667 shares with a value of $15,000 in an indirect interest, increasing his total number of securities in that interest to 816,667.

Chairman Paul Hopper acquired 555,556 shares totalling $20,000 in an indirect interest. It was the first purchase in that interest with another 234,669 shares held in a direct interest and a further 560,000 in another indirect interest.

Executive director David Phillips also acquired 138,889 shares in a direct interest, marking his first share purchase in the company.

Placement to develop assets and technologies

SUDA raised $2.7 million by way of a placement of shares to existing and new professional and sophisticated investors at 3.6 cents per share.

The oversubscribed placement to strong supporters of the company will provide SUDA with funding to maintain its current developments for 12 months.

Additional funding will also assist management to continue evaluating new assets that have been identified and are being considered for acquisition.

The company’s areas of focus are oncology and the central nervous system and SUDA is looking to secure technologies in the pre-clinical or clinical stages of drug development.

Quick facts: SUDA Pharmaceuticals Ltd

Price: 0.044 AUD

Market: ASX
Market Cap: $16.92 m

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