(Alliance News) - Tiziana Life Sciences PLC on Thursday said it raised USD10 million through a follow-on offering of American Depositary Shares.
Tiziana said it will issue 3.3 million ADSs, which represent 16.7 million new ordinary shares in the company, at USD3.00 each.
The stock was trading 9.4% lower at 77.00 pence each in London on Thursday afternoon.
In addition, the company added that it has also offered its underwriters a 45-day option to buy up to 500,000 ADSs.
Tiziana said the proceeds will go towards advancing its Foralumab medication, used to treat gut disorder Crohn's disease and furthering the development of its TZLS-501 antibody to treat covid-19.
The company on Wednesday said it would speed up the development of TZLS-501.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.