Actinogen Medical (ASX:ACW) received firm commitments to raise about AU$12 million through the issue of 285.7 million shares at AU$0.042 apiece, according to a Monday filing with the Australian bourse.

Company directors are committed to participating in the placement for an aggregate amount of AU$667,000, subject to shareholder approval, the filing said.

Proceeds will be used to complete the XanaMIA pivotal trial in Alzheimer's disease, implement the open-label extension phase of the trial, and for general corporate purposes.

Additionally, the company plans to undertake a share purchase plan to raise up to a further AU$5 million, per the filing.

Shares fell 2% in afternoon trade on Monday.