InhaleRx (ASX:IRX) secured up to AU$38.5 million in funding from Clendon Biotech Capital, according to a Friday filing with the Australian bourse.
Proceeds from the facility will cover costs associated with the first and second phases of clinical trials for key medications IRX-211 and IRX-616a.
Shares of the biotechnology company surged 59% in recent trade after hitting a 52-week high of AU$0.05 earlier in the day.
Price (AUD): $0.04, Change: $+0.013, Percent Change: +59.09%
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