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(Sharecast News) - Shares in pharmaceutical company N4 Pharma tumbled on Friday after the group said it had raised £1.0m via the placing of 50.0m new ordinary shares of 0.4p each and detailed a broker offer aimed at raising as much as another £1.0m.
N4 Pharma said net proceeds of the placing would be used to progress its development work, including committing to doing in-vivo studies, and also to explore acquisition opportunities.
Chief executive Nigel Theobald said: "The additional funding raised provides sufficient working capital for our Nuvec program into 2024 and will enable us to do more in vivo development work on double-loaded SiRNA on Nuvec and begin business development on this opportunity.
"Alongside this, we will undertake further research to support our patent application on the use of Nuvec to improve the efficiency of viral vectors and start business development activities in this area."
In order to provide both shareholders and other investors, who did not initially participate in the placing, with the opportunity to invest in the company, TPI will launch a broker offer ("Broker Offer") under which Turner Pope Investments will invite subscriptions for additional new ordinary shares, with an initial expected value of £250,000 at the same issue price.
N4 stated the broker offer may be extended, with the express agreement of the company, to £1.0m in the event the offer is oversubscribed.
As of 0900 GMT, N4 shares had tumbled 26.80% to 2.05p.
Reporting by Iain Gilbert at Sharecast.com
