Fusion Antibodies PLC - Belfast-based contract researcher, which provides discovery, design and optimisation services for therapeutic antibodies to the healthcare market - Conditionally raises GBP1.4 million before expenses via placing of 34.4 million shares at 4 pence each. The issue price represents a discount of 5.9% to Fusion's closing mid-market share price on Tuesday. Further, it intends to issue 1.5 million new shares to certain directors in lieu of or in satisfaction of salary and fees due to them and which shall be issued immediately following publication of its announcement. Also intends to grant a total of up to 3.8 million new share options to staff and senior management.
Chief Executive Officer Adrian Kinkaid says: "We are very pleased to have been able to complete this fundraise in challenging market conditions. We decided to go ahead with this placing following the various agreements we signed in 2023 which are laid out below. 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."
Current stock price: 4.18 pence
12-month change: down 92%
By Holly Beveridge, Alliance News reporter
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Fusion Antibody (FAB)