(Alliance News) - FastForward Innovations Ltd on Wednesday said its investee company EMMAC Life Sciences Ltd has raised GBP15 million via a convertible loan note issue.
Shares in FastForward were up 4.5% at 6.79 pence in London in midday trading.
FastForward invests in technology and life science businesses and has a 2.3% interest in cannabis company EMMAC. EMMAC will use the GBP15 million to further establish itself in Europe.
The note is convertible at a 20% discount to EMMAC's next eligible fundraise, capped at 50 pence per share. Based on the 50p conversion price, EMMAC's implied value exceeds GBP150 million. When FastForward made its investment back in March, EMMAC's implied value was GBP77 million.
EMMAC Chief Executive Antonia Costanzo said: "We are not aware of any other UK private medical cannabis company that has raised this quantum of funds to date and we believe that it is testament to EMMAC's strategy, strength of management team, and our market leading position."
"We have executed our strategy to build a strong position in Europe in the medical cannabis and wellness markets, with operations in eight countries. We now have an established presence in all aspects of the cannabis supply chain and are well placed to meet the rapidly growing demands of the market, driven by regulatory change and consumer demand," Costanzo added.
By Anna Farley; annafarley@alliancenews.com
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