Australian drug delivery company, Phosphagenics Limited (ASX: POH; OTCQX: PPGNY), today announced that it has raised A$12.2 million of its A$16.3 million capital raising program. The Company is looking to raise an additional A$3 million from a share purchase plan (SPP) to be offered to existing shareholders. 

Phosphagenics completed the institutional placement for 153,000,000 shares at 8 cents per share on July 11, 2014. Total gross proceeds from this placement to institutions and accredited investors were approximately A$12.2 million. A placement of a further 51,000,000 shares at the same price will be subject to shareholders’ approval at a General Meeting to be held on or around August 25, 2014.