(Alliance News) -Â Tiziana Life Sciences PLC on Monday said it has issued 3.3 million American depositary shares to raise USD10 million.
The ADSs were priced at USD3.00 each, and represent five ordinary shares.
In addition, Tiziana granted underwriters a 45-day option to purchase up to an additional 499,999 ADSs on the same terms and conditions.
The proceeds will be used to advance the clinical development of Foralumab, expedite clinical development of TZLS-501 for Covid-19, and for working capital and other general purposes, the firm said.
Shares in Tiziana closed down 22% at 45.00 pence in London on Monday.
By Lucy Heming;Â lucyheming@alliancenews.com
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