ASLAN Pharmaceuticals announces $18m private placement

The financing closed on 25 February.

ASLAN Pharmaceuticals has entered into a securities purchase agreement to raise gross proceeds of $18m, resulting from the sale of its ordinary shares through a private placement to new institutional investors, Vivo Capital and Surveyor Capital.

The clinical-stage immunology focused biopharmaceutical company will issue an aggregate of 25,568,180 ordinary shares, equivalent to 5,113,636 American Depositary Shares (ADSs), at an equivalent price of $3.52 per ADS, equal to the last closing price of the company’s ADSs.

According to ASLAN Pharmaceuticals CEO Dr. Carl Firth, the additional resources from the private placement will fund their ongoing study of ASLAN004 in atopic dermatitis in early March and look towards initiating the company’s phase 2b program later in 2021.