(Alliance News) - Cell engineering firm Horizon Discovery Group PLC on Friday said it raised GBP6.9 million through a share placing.
The company placed 6.8 million shares at 102 pence each, a 21% discount to its 128.5p closing price on Thursday.
Shortly before market close on Friday, Horizon shares were 9.0% lower at 117.00p each.
"The net proceeds of the placing will be used to strengthen the group's balance sheet, working capital and liquidity position, which will allow Horizon to continue its investment in strategic projects including commercialising its base editing technology, e-commerce enhancements and its collaboration with Mammoth Biosciences Inc," Horizon said.
In December, Horizon said it entered into a gene modification joint-venture with US-based Mammoth.
The Cambridge-based firm said the two companies will develop new CRISPR tools, a sequence of DNA which can be used to modify genomes. Mammoth Biosciences specialises in CRISPR research.
By Eric Cunha; ericcunha@alliancenews.com
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