** Shares of Australia's Alterity Therapeutics ATH.AX fall as much as 8.3% to A$0.011, on track for a third consecutive session of decline
** Stock hits its lowest level since Jan. 31
** Biotechnology co raises A$40.0 mln ($25.02 mln) in a placement at an issue price of A$0.011 per share
** Issue price represents a discount of 8.3% to stock's last close
** Co says funds will be used primarily to advance development of ATH434, a small molecule drug candidate for Parkinsonian disorders
** Stock up 43.8% this year, as of 0159 GMT
($1 = 1.5990 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru)
((Roshan.Thomas@thomsonreuters.com))
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