(Sharecast News) - Pre-clinical antibody specialist Fusion Antibodies announced a conditional fundraising of £1.38m before expenses on Wednesday, to help it target mo re industry conferences and customers and generate further supporting data.
The AIM-traded firm said the funds were being raised through a placing of 34,375,000 new shares at a price of 4p each.
It noted that the issue price reflected a discount of 5.88% to the closing mid-market price of an ordinary share in the company on 13 February.
The issue and allotment of the placing shares were conditional on the passing of resolutions to authorise such issues and allotments and disapply pre-emption rights at a general meeting of the company, to be held on 5 March.
Fusion said it intended to issue 1,536,850 new shares to certain directors at a deemed subscription price equal to the issue price, adding that up to 3,790,700 new share options would be granted to staff and senior management as part of an incentivisation scheme.
"We are very pleased to have been able to complete this fundraise in challenging market conditions," said chief executive officer Adrian Kinkaid.
"We decided to go ahead with this Placing following the various agreements we signed in 2023.
"The net proceeds of this placing will provide the company with increased resources to target additional industry conferences and customers, generate supporting data for its key platforms and extend its working capital runway."
At 1240 GMT, shares in Fusion Antibodies were up 1.18% at 4.3p.
Reporting by Josh White for Sharecast.com.
Fusion Antibody (FAB)