(Alliance News) - Adams PLC on Friday said it has raised its holding in Circassia Pharmaceuticals Ltd.
Adams, which invests in AIM-listed companies, bought 2.4 million shares on Thursday at an average price of 19.0 pence per share for a total investment of GBP456,229. It brings its holdings in Circassia to 3.1 million shares, an 0.8% stake.
Circassia shares were up 1.4% at 19.70p on Friday morning in London.
The follow-on investment comes after Circassia early in December forecast revenue for 2019 to be between GBP60 million to GBP65 million compared to the GBP48.3 million in 2018.
Following the purchase investment, Adams has a cash balance of around GBP1 million, it said.
Shares in Adams were trading flat at 5.00p each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Adams (ADA)