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Benitec Raises $6M Through Convertible Note Signing


Australian expressed RNAi shop Benitec said this week that it has raised $6 million through the signing of a convertible note with California-based investment group La Jolla Cove Investors.

Benitec said the deal comprises four $1.5 million notes, each with a duration of two years following the first drawdown. The company may drawdown up to $250,000 a month, it added.

"Benitec is now in a solid position going forward to build on its strong intellectual property position and expand its growing research and development pipeline," Benitec Director Mel Bridges said in a statement.

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