Bird & Bird advises iX Biopharma on rights issue
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I am an associate in Bird & Bird ATMD's Corporate & Commercial Group, based in Singapore. My key areas of practice include equity capital markets and mergers and acquisitions.
Bird & Bird is pleased to advise iX Biopharma, a Singapore Exchange (SGX) listed pharmaceutical company, on its renounceable non-underwritten rights issue.
Under the rights issue, each eligible shareholder can subscribe for 11 rights shares at an issue price of S$0.03 per share for every 50 existing shares held in iX Biopharma as at record date 26 June 2024. Additionally, for every two rights shares subscribed, one free warrant will be issued, allowing the holder to purchase one new share in the company at S$0.06.
iX Biopharma is undertaking the rights cum warrants issue to raise funds to, amongst others, advance the development of iXB 401 sublingual semaglutide wafers as a treatment for Type 2 diabetes and obesity, as well as to fund the sales and marketing activities of its innovative supplements including NAD+ sublingual wafers.
Bird & Bird’s team was led by Corporate Partner Marcus Chow and supported by Counsel Jolie Giouw and Associate Tan Xing Yi.