LONDON (Alliance News) - Life sciences company Horizon Discovery Group PLC Friday said it raised GBP40.1 million by conducting a share placing of new and existing shares to back its expansion plans.
Horizon issued a total of 21.1 million shares at a price of 190.0 pence per share to raise the total of USD40.1 million. Of the shares issued, 13.2 million were new shares which raised GBP25.0 million, plus over 7.9 million existing shares were issued to raise the remaining balance.
Horizon said the new shares that have been issued represent around 16.4% of the existing issued share capital of the company.
The proceeds are to be used to back the expansion of the company's business providing research tools to back genomics research and personalised medicines development.
"We are delighted to announce the success of this placement, which included demand from both existing and new institutional investors, a testament to the confidence in Horizon's growth strategy and potential," said Darren Disley, chief executive of the company.
"With additional funds now in place, we plan to accelerate growth through a clear strategy including organic investment that will see the Group increase the leverage of its products and services, enhance its global distribution channels and maintain its scientific leadership," he added.
Horizon shares were down 2.5% to 193.50 pence per share on Friday afternoon.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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