LONDON (Alliance News) - Sealand Capital Galaxy Ltd, a company formed to undertake an acquisition in the social media sector, wad admitted to the main market of the London Stock Exchange Tuesday, whilst Faron Pharmaceuticals Oy began trading on AIM.
Sealand said it has raised GBP750,000 through the placing of 7.5 million shares at 10 pence. Shares in the company were up 39% at 13.9 pence Tuesday morning.
Faron Pharmaceuticals raised GBP10 million through the placing of 3.8 million shares at a price of 260 pence, giving it a market capitalisation of GBP60.1 million. Shares in the company were up 5.8% at 275 pence Tuesday morning.
"Admission to AIM provides a great opportunity to strengthen our business and support our objective of progressing our lead programme through a pan-European Phase III trial, and the development of our pre-clinical cancer immunotherapy candidate, Clevegen. We look forward to reporting on the company's continuing progress as an AIM-quoted company and would like to welcome and thank our investors for their involvement," said Chief Executive Officer of Faron Markku Jalkanen in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Sealand Cap (SCGL)
Faron Pharma (FARN)