LONDON (Alliance News) - 4d Pharma PLC on Tuesday said it is raising GBP30.0 million before expenses in a move to accelerate the development of the second generation MicroRx live biotherapeutics into the clinic, as well as to expand and develop its cancer programmes.
The pharmaceutical company said it is placing 3.8 million new shares at 790.0 pence each to raise the money.
Invesco Asset Management and Woodford Investment Management are participating in the placing, the company said.
"Over the last 12 months we have shown the capability not only to take live biotherapeutics into patients, but the ability to rapidly identify and develop new therapeutics that are ready for testing in patients across new disease areas in an incredibly short period of time. Over the next 12 months we again look to further advance live biotherapeutics and continue to build on our class leading platform," Chief Executive Duncan Peyton said in a statement.
Zeus Capital is handling the fundraising.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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