Cyclopharm (ASX:CYC) raised AU$14 million via a two-tranche placement of 14.7 million new shares at AU$0.95 per share to new and existing institutional, sophisticated, and professional investors, according to a Wednesday filing with the Australian bourse.

The company will issue 9.5 million shares on Feb.11, followed by 5.3 million shares on Feb.25, the filing said.

Additionally, the company plans to undertake a share purchase plan at the same price to raise a further AU$2 million, the filing added.

Funds raised will be used to advance the commercial rollout of Technegas in the US, the company said.

The new shares under the second tranche of the placement are expected to settle on Feb. 24.

Shares of the company fell 17% in recent Wednesday trade.