iX Biopharma has successfully raised $6.7 million through a placement, exceeding its initial target of at least $5 million due to robust investor demand.

The placement shares were priced at 10 cents each and drew participation from notable investors, including Lion Global Investors and Ginko-AGT Global Growth Fund.

The pharmaceutical firm, led by Chairman and CEO Eddy Lee—a former senior executive at Genting and Hong Leong—intends to allocate the proceeds toward expanding its presence in the U.S. market, reducing debt, acquiring new equipment, and bolstering general working capital.

The issuance of new shares will increase iX Biopharma's share base by over 7%.

Trading of iX Biopharma shares is set to resume on October 29. The stock last traded at 13 cents, giving the company a market valuation of $112.9 million.