Futura Medical PLC - Surrey-based pharmaceutical company - Plans to raise GBP10 million in placing of shares at a price of 40 pence each, reflecting a discount of 21% to the company's closing price of 50.40 pence on Thursday.
Will also raised up to GBP2 million through a retail offer via the PrimaryBid platform at the same issue price.
Proceeds from the fundraising will go towards funding the small confirmatory clinical study required for the US FDA regulatory submission for MED3000 as a DeNoco medical device, as well as scale up its manufacturing activities, enabling lower costs for market launches.
Current stock price: 44.00 pence, down 13% on Friday
Year-to-date change: up sharply from 15.25p
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Futura Medical (FUM)