Fusion Antibodies PLC - Belfast-based contract research organisation providing discovery, design and optimisation services for therapeutic antibodies to the healthcare market - Raises GBP1.6 million through a placing and director subscription of 31.2 million shares at 5 pence per share, which is an 84% discount to the stock's close on Thursday of 32.06p. The placing is run by broker Allenby Capital Ltd. Fusion also launches a separate retail offer via the REX platform of up to 10.0 million shares at the same price, to raise up to an additional GBP500,000.
"We are pleased to say that we have been able to raise funds in an extremely challenging market, and this, combined with the cost saving measures that we will be implementing, will provide us with the necessary capital we need to progress the business," says Chief Executive Officer Adrian Kinkaid.
Current-stock price: 19.90 pence, down 37% in London on Friday
12-month change: down 65%
By Will Neill, Alliance News reporter
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Fusion Antibody (FAB)