CBio Limited, an Australian-based drug development company, today announced the successful completion of a A$10 million capital raising ahead of a planned share market listing later in 2009. The capital raising was underwritten to A$6 million by financial services house Novus Capital Limited which acted as Financial Advisor and Underwriter and will be advising CBio in the IPO process.

Funds raised by the recent share placement and the IPO will be used to continue development of CBio’s drug therapy XToll, which is targeted to combat the chronic autoimmune disease rheumatoid arthritis. CBio has undertaken clinical trials with XToll in more than 150 patients and the company is now conducting a phase II clinical trial in patients suffering moderate to severe rheumatoid arthritis. These trials are due for completion in the first half of 2011. More