Last checked at (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.
4 Nov 2015 10:44
ImmuPharma's Lupuzor trial on track for 2017 completion
(ShareCast News) - ImmuPharma has reached a number of important milestones in the phase three clinical trial of Lupuzor. The AIM listed company provided an update to the market on Wednesday about the drug trial, its lead programme for the potential breakthrough compound for life threatening auto imm
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