LONDON (Alliance News) - C4X Discovery Holdings PLC on Tuesday said it intends to raise GBP10.0 million through placing and a further GBP1.0 million via an open offer.
The drug discovery company said its placing will be conducted by way of an accelerated bookbuild, and that the placing shares will have an issue price of 90 pence per share.
Furthermore, an open offer will be made on the basis of a single open offer share for every 42 existing C4X shares held by shareholders, with a target of GBP1.0 million.
C4X intends to use its placing proceeds to strengthen its balance sheet, provide working capital, and increase its commercial capability.
"Today's fundraising provides a strong platform for further licensing of our best-in-class small molecule candidates to the pharmaceutical industry," said C4X Chief Executive Clive Dix.
"Demand from potential partners for early stage assets remains high and we look forward to continuing to drive value from revenue generating deals and building a sustainable drug discovery company," Dix added.
Shares in C4X were down 1.1% at 90.00p per share on Tuesday.