LONDON (Alliance News) - C4X Discovery Holdings PLC late Tuesday said it raised GBP10.0 million through placing and a further GBP1.0 million via an open offer.
The drug discovery company said it placed 11.1 million shares at a price of 90 pence each. The stock closed 1.1% lower on Tuesday at 90.00p per share.
C4X Discovery noted that the placing price represented a 1.1% discount to the mid-market closing price on Monday.
Early on Tuesday, the company said that 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.
"These additional funds will allow us to identify and exemplify more high value drug discovery targets in high unmet need diseases, develop market-leading compounds and out-license assets for clinical development," said Chief Executive Clive Dix.