Neuren rights issue

Auckland-based Neuren Pharmaceuticals is to undertake a A$10.1 million rights issue to help a brain injury drug through advanced clinical trials. The non-renounceable rights issue will be offered to shareholders on a one-to-two shares ratio as of January 2.

The price will be A14c per share for Australian shareholders and 16c per share for New Zealand residents.

Taylor Collison has agreed to underwrite the issue of 50.7 million
shares, ensuring it will raise a minimum of A$7.1 million before costs. Neuren, which is listed in Australia, said the money would support the completion of a Phase 3 trial in GlypromateB.