Incanthera PLC - develops technologies in dermatology and oncology - Raises GBP1.0 million in equity to support a deal that will see a major retailer stock Incanthera's 'Skin + Cell' range of skincare products. Raises GBP800,000 from the subscription to 11.4 million new shares at 7 pence each by new and existing institutional investors. At the same price, the University of Bradford converts GBP200,000 that is owed to it by Incanthera into 2.9 million new shares. The university, a founding shareholder in Incanthera, will own 11.2% of the enlarged share capital, with all the newly issued shares representing 15.5% of this. Incanthera also grants warrants to advisers to subscribe for another 800,000 new shares at the same price of 7p over the next 10 years. ImmuPharma PLC, which currently has a 12.7% stake in Incanthera, says it is "delighted" with the announcement of the skincare deal and successful fundraise.
Incanthera's Swiss subsidiary Skin & Cell AG signs deal with Marionnaud, part of the AS Watson Group, to make the skincare brand available exclusively initially in Marionnaud's stores in Switzerland and Austria from the second quarter of next year. Later in 2024, the products will be rolled out in the remaining 1,100 Marionnaud stores across Europe. "The launch of Skin + Cell with Marionnaud is transformational for Incanthera and based on the potential market forecasts of Marionnaud, is expected to generate significant revenues and profitability in 2024 and beyond," Incanthera says.
Current stock price: 6.25p on AQSE in London on Monday at midday for GBP4.9 million market capitalisation
12-month change: down 10%
By Tom Waite, Alliance News editor
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Immupharma (IMM)