Drug discovery biotech Antisense Therapeutics (ASX:ANP) has added AUD$5 million to its coffers with the placement of 38.5 million new shares to the institutional and specialist investor market.

The placement, which was managed by ABN Amro Morgans, attracted some new institutional investors as well as existing shareholders, and was oversubscribed at close. Circadian Technologies (ASX:CIR) subscribed to approximately $1 million worth of the raising, subject to shareholder approval.

The cash will be channeled directly into further R&D into the company's multiple sclerosis therapeutic, ATL1102, and psoriasis treatment ATL1101, as well as for other drug discovery activities.