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LONDON (Alliance News) - Futura Medical PLC on Thursday said it is placing to raise no less than GBP5 million via an accelerated bookbuild and up to an additional GBP1 million through an open offer.
The bookbuild will involve the issue of at least 71.4 million shares at a price of 7 pence per share, with the open offer price also set at 7p. This price represents a 28% discount to the closing price of 9.65p on Thursday.
The pharmaceutical company will use the proceeds from the placing to fund its topical erectile dysfunction gel through to a phase three trial. The funds are also expected to allow more headroom in a long-term open label arm of the study, and to allow a second phase three trial to take place.
Nplus1 Singer Advisory LLP will act as Futura's broker in the deal.
