(Sharecast News) - Drug discovery and development firm Immupharma has raised £6.5m, before fees, via an oversubscribed placing of 59.09m ordinary shares.
Immupharma said on Wednesday that its placing shares, which represented 24.3% of the company's enlarged share capital, were being listed a 10.0p each - a discount of 27.6% to their seven-day volume-weighted average price on 1 September.
The AIM-listed group will use the proceeds to progress its therapeutic pipeline - including BioAMP-B, a drug that it said offers a potential treatment for many serious and life-threatening fungal infections.
Immupharma highlighted that when raking into account existing cash resources and expected net proceeds of £5.9m, it now expects to have sufficient cash resources to fund operations through to the end of 2023.
Chairman Tim McCarthy said: "With a strong balance sheet, a diverse and exciting therapeutic pipeline and our lead drug candidate, Lupuzor moving forward into an international Phase III trial, ImmuPharma is in an extremely robust position.
"With value-enhancing news-flow over the next period, we are confident of creating long term shareholder value for all of our shareholders."
As of 0925 BST, Immupharma shares had sunk 15.08% to 13.80p.
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