(Alliance News) - Silence Therapeutics PLC on Friday said it raised USD45 million via an oversubscribed private placement of 2.0 million American depositary shares at a price of USD22.50 each.
The novel RNA therapeutics developer said each ADS represents three ordinary shares in the company.
The placing was with new and existing institutional investors in a financing syndicate that included Adage Capital Management LP, BVF Partners LP, Consonance Capital, Great Point Partners LLC and other investors.
Silence said it use the cash primarily to support development of its pipeline based on its messenger RNAi Gold platform, and for general corporate purposes.
"Our goal at the outset of this process was to increase appreciation for Silence and build our global shareholder base. We believe we achieved those objectives while strengthening our balance sheet to support the continued acceleration and growth of our mRNAi Gold platform," said Chief Financial Officer Craig Tooman.
Shares in Silence Therapeutics were up 1.0% at 587.85 pence in London on Friday, giving a market capitalisation of GBP489.8 million.
By Zoe Wickens; zoewickens@alliancenews.com
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