Ascletis Pharma (HKG:1672) updated its allotment and use of proceeds from its global offering of which HK$1.01 billion of the net proceeds, a 33.9% of the total net proceeds, still remains with the company as of June 30, a Monday filing with the Hong Kong Exchange said.

The biotech company will now use 33.7% of the remaining proceeds for the continued research and development of ASC22, ASC11, and ASC10, and other pipeline products used in the treatment of viral hepatitis, HIV/AIDS, and other viruses as compared with the initial allotment of 45% as reported in the company's 2023 annual report.

To support the research and development of new pipeline drug candidates of the group, the company has allocated 30.8% to it instead of the original 10% share.

The company has increased its allocation to the general working capital to 9.9% as compared with the original 5%.

The company expects to use the reallocated funds in three years starting from Dec. 31, 2023.

The company's shares closed over 4% higher on Tuesday.

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