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FINWIRES

CStone Pharmaceuticals Seeks HK$1 Billion via Share Placement

-- CStone Pharmaceuticals (HKG:2616) plans to raise about HK$1.05 billion in net proceeds through a share placement, according to a Wednesday Hong Kong bourse filing.

The pharmaceutical firm agreed to place 118 million new shares at HK$8.97 each to at least six independent investors.

The placing price represents a discount of about 7% to the last closing price and about 7.9% to the five-day average price, the filing said.

The placing shares represent about 8% of the company's existing issued share capital.

Net proceeds will be used mainly for research and development of its oncology pipeline, with the remainder for general corporate purposes.

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