SinoMab BioScience to Sell HK$370 Million Worth of Shares; Stock Jumps 8%

MT Newswires Live

07/23

SinoMab BioScience (HKG:3681) agreed to sell nearly HK$370 million worth of shares to 23 investors, according to a Hong Kong bourse filing Tuesday.

Shares of the biopharmaceutical company jumped over 8% in morning trade Wednesday.

The company plans to issue 182,072,400 shares to the subscribers at HK$2.03 apiece. The shares represent 15.12% of the company's existing issued share capital, and 13.13% on an enlarged basis.

Funds raised will primarily be used to advance the company's drug pipeline.

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