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LONDON (Alliance News) - N4 Pharma PLC on Firday said it raised GBP1.1 million in a placing of 10.5 million shares at 10 pence each.
N4 Pharma shares were trading down 18% at 10.10p each on Friday afternoon.
The shares placed represents 10.35% of the firm's issued share capital.
N4 Pharma will use the funds raised to fund its Nuvec delivery system's process improvement and moving towards manufacture readiness.
It will also use part of the funds to pay for further biological research to demonstrate Nuvec's capability and discover potentially new applications for the system.
"We have made continued progress with Nuvec and believe that it has the potential to significantly improve patient outcomes and generate value for investors and partners. I would like to thank investors, new and existing, for their support which will enable us to further develop this exciting opportunity," Chief Executive Officer Nigel Theobald said.
The company expects the new shares to start trading on AIM next Thursday, after which it will have 101.5 million shares in issue.
