(Alliance News) - Midatech Pharma PLC on Wednesday said it has raised USD6.0 million through a private placement of 10.3 million shares at USD0.58 each.
Midatech is a Cardiff-based research & development biotechnology company focused on improving the bio-delivery and bio-distribution of medicines.
On Thursday, the company said it planned to raise around USD6.0 million through the issue of 10.3 million units at an issue price of USD0.58 per unit. One unit either includes one American depository share, one A warrant and one and one-half B warrant, or one pre-funded warrant, one A warrant and one and one-half B warrant.
Shares in the company were up 5.3% to 1.79 pence each in London on Wednesday morning.
Midatech said the proceeds will enable the company to focus on developing MTX110, its clinical asset, and provide it with sufficient working capital until December 2023.
After deducting the placement agent's fees and other estimated expenses, the company has raised about USD5.2 million, it added.
The company also announces the appointment of Strand Hanson Ltd as the company's sole broker with immediate effect. Strand Hanson remains the company's Nominated Adviser.
By Sophie Rose, Alliance News reporter
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