Prima Biomed topped capital raisings on Wednesday with a $38 million placement and share purchase plan to fund ongoing testing and development of an ovarian cancer vaccine.

■ Prima Biomed announced plans to raise $38 million in a placement and share purchase plan. The placement, to institutional and sophisticated investors, is expected to raise $18 million through the issue of 64.3 million shares at 28¢ each. Existing shareholders are eligible to buy up to $15,000 of shares to raise about $20 million. The company said funds raised would be used by the company for ongoing testing and development of its CVac ovarian cancer vaccine.