(Alliance News) - C4X Discovery Holdings PLC on Thursday said it has raised GBP1.6 million via share placing, led by investor Polar Capital Holdings.
The AIM-listed drug discovery company placed 10.8 million shares at 15 pence each. The stock closed up 7.4% at 15.30p on Thursday.
C4X said proceeds will be used to further strengthen its balance sheet as partnering and strategic collaborations progress, and to support working capital during the progression of its pipeline portfolio.
The company said Polar Capital subscribed for five million shares.
"We would like to thank Polar Capital and our other new and exisiting investors for their active support of C4XD and continued belief in our vision. It is encouraging to see investor understanding of the ongoing long-term contribution of the life sciences industry and the value of innovative, early-stage drug discovery amidst the uncertainties generated by the Covid-19 pandemic. These additional resources will support our continuing scientific progress and commercial discussions across our portfolio," Chief Executive Clive Dix said.
The net proceeds of the placing are expected to provide at least 12 months working capital, C4X added.
Panmure Gordon (UK) Ltd acted as nominated adviser and sole bookrunner to the company.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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