ImmuneOnco Biopharmaceuticals (Shanghai) (HKG:1541) plans to sell 33,150,000 shares at HK$7.05 apiece to investors under a placement deal, according to a Thursday filing with the Hong Kong Exchange.

The shares represent 8.14% of the pharmaceutical company's shareholding as enlarged by the placement.

Net proceeds of HK$229.7 million, will be used to fund studies for its non-small cell lung cancer, triple-negative breast cancer, and tumor treatments, and for working capital.

Shares slid 6% during Thursday's trading.