Redx Pharma PLC - drug discovery firm - Conditionally raises GBP25.5 million by placing 46.5 million shares with both new institutional investors and existing shareholders, at placing price of 56 pence and up to a further GBP2.2 million by way of an open offer. Placing price is 2.6% discount to Tuesday's closing price of 57.5p.
"We are delighted to have conditionally raised GBP25.5 million, which has strengthened our financial position and means we can continue to drive forward with two promising clinical programmes and our preclinical research at pace. We are particularly pleased with the continued strong support from our existing investors, notably Redmile and Sofinnova, as well as welcoming new investors including Polar Capital," Chair Iain Ross says.
Current stock price: 60.00 pence
Year-to-date change: multiplied from 8.0p
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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