SYDNEY, AUSTRALIA--(Marketwired - May 16, 2013) - Prima BioMed Ltd (ASX: PRR) (NASDAQ: PBMD) (ISIN: US74154B2034) ("Prima", the "Company") has announced in pursuant to shareholder approval received at yesterday's general meeting, the Company has today issued 13,287,500 fully paid ordinary shares (Shares) to its directors and 1,250,000 Shares to certain institutional investors on the same terms and price as the recently completed Share purchase plan (SPP).
The issue price for new Shares under the SPP, which was calculated as the volume weighted average price of existing Shares traded on ASX over the 10 trading days prior to the date of their issue, less a discount of 5%, was $0.08 per Share.
The proceeds from the SPP and the additional placements pursuant to the resolutions passed at yesterday's general meeting amount to $6,166,676. As approved by Shareholders yesterday and based on appropriate market conditions, the Company may look to place additional Shares on the same terms as the SPP to sophisticated and professional investors within the next three months.
These proceeds enable the Company to co-fund up to three phase 2 trials of CVac™ in additional cancer indications in conjunction with the EUR 3.8 million grant recently awarded by the Saxony Development Bank in Germany.
About Prima BioMed
Prima BioMed is a globally active leader in the development of personalized bio-therapeutic products for cancer. Prima is dedicated to leveraging its technology and expertise to bring innovative treatment options to market for patients and to maximize value to shareholders. Prima's lead product is CVac™, an autologous dendritic cell-based product currently in clinical trials for ovarian cancer patients in remission and soon to be in trials for other cancer types.