(Alliance News) - Hemogenyx Pharmaceuticals PLC on Thursday said it has raised GBP3.3 million through a placing.
Hemogenyx is a London-based biopharmaceutical company focused on treatments for deadly blood diseases.
It said it has raised GBP3.3 million through a placing of 166.3 million shares price at 2 pence each.
Shares in Hemogenyx were down 24% to 1.90p each in London on Thursday morning.
The net proceeds from the placing will be used to facilitate the development of the company's Chimeric Antigen Receptor T-cells for the treatment of acute myeloid leukaemia.
Earlier in February, the US Food & Drug Administration has lifted clinical hold on company's investigational new drug application for Hemo-Car-T. The FDA placed therapy on clinical hold in July due to a splicing deficiency during manufacture of the lentivirus used to produce Car-T cells.
Chief Executive & Co-Founder Vladislav Sandler said: "This is a key development that represents the progression of Hemogenyx Pharmaceuticals to become a clinical stage company and the fundraise was crucial to enable us to progress toward clinical trials, the essential next step for the development of HEMO-CAR-T. I would like to thank new and existing shareholders for their support and for contributing to this sizeable fundraise in difficult market conditions. The recent lifting of the clinical hold by the FDA on our HEMO-CAR-T programme followed a great effort from everyone at Hemogenyx Pharmaceuticals for which I am very grateful."
By Sophie Rose, Alliance News senior reporter
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Hemogenyx (HEMO)