LONDON (Alliance News) - 4D Pharma PLC said Wednesday it has raised GBP34.8 million through a share placing of 8.5 million new shares at 410 pence each.
Shares in 4D are trading down 6.4% at 430.50 pence Wednesday morning.
The company plans to use the proceeds of the placing to fund the clinical development of its in development compounds Blautix, Thetanix and Rosburix, to scale up its Micro Rx discovery platform, and build its in-house development capability.
4D expects to commence clinical trials of Blautix for the treatment of irritable bowel syndrome, and Thetanix for paediatric Crohn's disease in the second quarter of 2015. Rosburix received orphan drug designation from the US Food and Drug Administration last August for the treatment of paediatric ulcerative colitis.
The company said that, having demonstrated the ability of its MicroRx platform to identify potential drug candidates for non-gut diseases such as asthma and rheumatoid arthritis, it plans to build up its discovery and development capability. It said its aim is to get a greater number of drug candidates to progress towards the clinic, and to expand its pipeline outside of its existing programmes for inflammatory and autoimmune disorders.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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