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(Alliance News) - Hemogenyx Pharmaceuticals PLC on Thursday said it has raised a total of GBP648,200 through the placing and subscription of 36 million shares at 1.8 pence per share.
Shares in the biopharmaceutical firm were down 7.4% at 1.94p each on Thursday afternoon in London.
Hemogenyx said the proceeds will be used to continue the development and testing of its T cell programme for the treatment of acute myeloid leukaemia, as well as for the commercialisation & development of its new humanised mouse model which does not develop graft versus the host disease, where transplanted cells attack the host.
The company said the mouse has potential in the elimination of acute myeloid leukemia, as well as for conditioning patients for a bone marrow transplant. It may also be useful in developing new cell therapies which involve reprogramming immune cells, as well as a possible use in modelling autoimmune conditions like lupus in order to develop new treatments.
Fund realised from the placing will also be used to provide additional working capital for Hemogenyx to progress its core CDX antibody collaboration and to support its various partnerships with other major pharmaceutical companies.
"We are pleased to have raised these funds which will allow us to advance our product pipeline. It is gratifying to see the company's remarkable progress being recognised by investors and we see this as a vote of confidence in Hemogenyx. We welcome our new shareholders on board in the hope that they share and participate in our future development and success," said Hemogenyx Chair Marc Feldman.
Following the admission of the placing shares, the company's share capital will comprise of 397.3 million shares overall.
Non-Executive Chair Peter Redmond is subscribing for 555,556 of the placing shares for GBP10,000. Following the completion of the placing, he will be interested in 5.6 million shares, representing 1.4% of the company's issued share capital.
By Ife Taiwo; ifetaiwo@alliancenews.com
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