AIM Vaccine (HKG:6660) is looking to raise net proceeds of HK$74.7 million from the placement of 15.5 million shares to Factorial Master Fund at HK$5.01 apiece, a Friday filing with the Hong Kong bourse said.

The shares represent 3.05% and 1.26% of its enlarged H share and issued share capital.

The drugmaker will use proceeds from the issue to accelerate the R&D of various pre-clinical and clinical programs; develop, market, and commercialize new products; and for working capital.

Shares of the company were down nearly 12% in recent trade.