(Alliance News) - Drug discovery firm C4X Discovery Holdings PLC on Thursday said it raised GBP7.0 million in a share placing and subscription.
C4X placed 46.7 million new shares at 15 pence each, a 63% discount to its closing price on Wednesday. The stock closed 58% lower at 17.00p each in London 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 updated by Eric Cunha; ericcunha@alliancenews.com
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