LONDON (Alliance News) - Shares in drug development company C4X Discovery climbed 4% in early trading Thursday following its GBP11 million listing on the AIM market in London.
The company sold 11 million shares to investors at a price of 100 pence a share and at 0920 GMT, the shares were up 4 pence at 104 pence. The IPO price gave the company an initial market capitalisation of about GBP31 million.
The funds will all be used by the company and there are no selling shareholders.
The University of Manchester spin-out company, which has developed technology to generate 3D structures of drug molecules, plans to use the funds to progress two of its programs to clinical trials.
By Ian Edmondson; Copyright 2014 Alliance News Limited. All Rights Reserved.