SYDNEY, Australia, July 17, 2017 (GLOBE NEWSWIRE) -- Prima BioMed Ltd (ASX:PRR) (NASDAQ:PBMD) would like to update shareholders on its current financial status subsequent to the closing of the recent U.S. capital raise and yesterday’s announcement of the expected 2nd milestone payment from Novartis.
Cash balance as at 30 June 2017 was AU$12.3 million. The additional proceeds received in July from the U.S. capital raise to accredited and institutional investors of approximately US$5.0 million (equivalent to approximately AU$6.5 million) together with the expected milestone payment from Novartis of US$1.0 million (equivalent to approximately AU$1.3 million) has extended the operational cash reach well into the last quarter of calendar year 2018, based on current management forecasts.
About Prima BioMed
Prima BioMed is listed on the Australian Stock Exchange, and on the NASDAQ in the US. For further information please visit www.primabiomed.com.au