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Phylaxia closes HUF 1 billion capital raise

Veterinary drugs maker Phylaxia 1912 Holding has closed a HUF 1 billion capital raise through private placement, the company said late on Tuesday.

The 5 million shares issued in the raise were all subscribed by Bankár Holding.

Phylaxia's board decided on the capital increase to finance the purchase of 750,000 shares and an equal number of warrants in New York-based N-GENE Research Laboratories, a company set up by investors and Hungarian researchers to develop a drug aimed at increasing insulin sensitivity for people with type-2 diabetes, Econews reported on June 17, a day after Phylaxia signed the contract to purchase the N-GENE shares. (MTI-ECONEWS)