iX Biopharma upsizes placement to raise $6.7m

It will fund expanses from its US expansion and purchase of new equipment amongst others.

iX Biopharma Ltd has upsized its proposed placement to 67 million new shares, increasing its aggregate gross proceeds to $6.7m from the initial $5m target, the company said in a filing. 

The new shares represent about 7% of its enlarged share capital of 955.84 million.

The proceeds are expected to fund expenses in connection with the group's expansion into the US, purchase of equipment, general working capital and fees, and expenses incurred in the proposed placement of $300,000, and debt repayment. 

Institutional investors, including Lion Global Investors Limited (on behalf of its clients) and Ginko-AGT Global Growth Fund, subscribed to the placement. The shares were issued under the general mandate approved at the company’s 2025 annual general meeting.

iX Biopharma will seek approval for the listing and quotation of the new shares on the Singapore Exchange’s Catalist board through its sponsor, UOB Kay Hian Private Limited. The company confirmed that none of its directors or substantial shareholders participated in the placement.