Prima BioMed Limited (ASX:PRR) Trades Higher After Receiving US$345,394 EU Grant


AUSTRALIA – Shares of Prima Biomed Ltd (ASX:PRR; NASDAQ:PMBD) were trading higher in the morning session at the Australian Stock Exchange today on the back of the news that the company received about AU$475,000 (US$345,394) from the European Union and the German Free State of Saxony.

As of 11 a.m. at the ASX, Prima BioMed Limited (ASXP:PRR)’s stock was trading 1.75 percent higher at AU$0.058 from its previous close after opening at AU$0.06.

At the Nasdaq, however, Prima BioMed Ltd was down 3.31 percent on Thursday’s close, but that was before the company made the disclosure. Prima Biomed Ltd (NASDAQ:PMBD) traded at US$1.17 apiece on Thursday’s close.

In a disclosure to the Australia stock exchange, the company said it has received approximately EUR306,000 in grant funding from the European Union and the German Free State of Saxony.

“The grant, administered by the Sachsische AufbauBank (the Saxony Development Bank), relates to the past development work on the CVac therapy,” the company disclosed.

Since 2010, Prima has been collaborating on CVac with the Fraunhofer Institute of Cell Therapy and Immunology, a leading European cell therapy research center located in Leipzig, supported by the Saxony Development Bank.

“This is the final trance of funding to be received by Prima for CVac from this grant program,” the company said.

Listed in both the ASX and NASDAQ, Prima Biomed is a globally active biotechnology firm that is striving to become a leader in the development of immunotherapeutic products for the treatment of cancer.

The company is dedicated to leveraging its technology and expertise to bring innovative treatment options to market for patients and to maximize value to shareholders. –