Aeterna raises $57 million with private placement

Aeterna Laboratories Inc has closed a $57-million private placement that could increase to $180 million if warrants are fully exercised. The lead investors are SGF Santé and Solidarity Fund QFL, giving them 11.5% and 14% of subordinate voting shares respectively. Those amounts could rise to 20.2% and 21.4% if all warrants are exercised. Also participating in the investment is US venture fund Acqua Wellington. The Quebec City-based Aeterna will use $35 million of the proceeds for technology acquisition, $20 million to advance development of its Neovastat compound for kidney and lung cancer, and $2 million for general corporate purposes. Aeterna develops angiogenesis inhibitors, primarily for use against cancer. It owns a 64% share of subsidiary Atrium Biotechnologies Inc, which develops, markets and distributes chemical ingredients for a variety of applications....