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FINWIRES

CStone Pharmaceuticals Completes HK$1.05 Billion Share Offering

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

Shares of the company fell nearly 3% in late morning trade Thursday.

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

The placing shares represent about 7.40% of the company's enlarged 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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