(Alliance News) - Drug discovery firm C4X Discovery Holdings PLC on Thursday announced a share placing worth GBP6.5 million in total.
C4X will place new shares at 15 pence each to raise GBP5.5 million, and will also carry out a one-for-nine open offer worth GBP1 million. Shares were down 57% at 17.32p on Thursday.
The cash will be used to strengthen the balance sheet, C4X said, and support the expansion of its pipeline.
"C4X's combination of state-of-the-art proprietary technologies, highly experienced scientific team, and industry experience puts the company in a strong position to fulfil the pharmaceutical industry's demand for high quality early-stage drug candidates," said Chief Executive Clive Dix.
"As momentum continues to build across our key out-licensing projects, we remain confident in our business strategy as partner discussions to date have confirmed commercial interest for our NRF-2 programme for sickle cell disease, alongside our already out-licensed Orexin-1 programme progressing to clinical studies with Indivior," he continued.
"We are excited by our future prospects as we continue to drive value from revenue generating deals and building a sustainable drug discovery company."
By George Collard; georgecollard@alliancenews.com
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