Island Pharmaceuticals Successfully Completes Fully Underwritten Rights Issue

Island Pharmaceuticals Ltd is excited to announce the successful results of its fully underwritten, non-renounceable rights issue to Eligible Shareholders, as previously disclosed to ASX on February 26, 2024. The rights issue, fully underwritten, is set to raise approximately $1.95 million (before costs) and holds potential for additional funds through the exercise of attaching options, including Piggy Back Options as detailed in the Prospectus.

Existing shareholders were provided the opportunity to subscribe for 2 New Shares for every 5 existing shares held in the Company. Dr. David Foster, Island's CEO and Managing Director, expressed satisfaction with the strong support received for the Offer, which enabled its full underwriting. He extended appreciation to shareholders who participated in the Rights Offer and new investors who provided support through sub-underwriting. With this infusion of capital, Island Pharmaceuticals is well-positioned to advance its immediate clinical objectives for its lead asset, ISLA-101.