** Shares of Percheron Therapeutics fall as much as 36.3% to A$0.086, on track for their worst day since March 24, 2010, if current losses hold
** Stock hits lowest level since Sept. 13
** Biotech firm says it will raise A$13 mln ($8.71 mln) via institutional placement at A$0.08 per share, a 40.7% discount to stock's last close
** Says proceeds will be used to strengthen its financial position, ahead of planned release of data on clinical trial of avicursen to treat Duchenne muscular dystrophy
** About 17 mln shares change hands, compared with the 30-day average volume of 1.2 mln
($1 = 1.4919 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru)
((Sneha.Kumar@thomsonreuters.com;))
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