LONDON (Alliance News) - Tiziana Life Sciences PLC said Tuesday that it has raised GBP6.14 million through the issue of convertible loan notes to new investors.
It plans to use the funds, along with the GBP2.6 million it raised at the end of March, to fund the development of its clinical stage assets and meet its liabilities for licence agreements, as well as for general working capital.
The loan notes can be converted into new shares at a price of GBP70 pence per share at any time after June 2016. Interest will accrue quarterly on the convertible loan notes at a rate of 4% per year. Additionally, it has granted the noteholders warrants to subscribe for up to 1.76 million new shares at 105 pence per share between June 26, 2016 and the end of 2017.
Shares in Tiziana are untraded Tuesday, it last closed at 114.22 pence.
"Our total fundraising [...] will allow Tiziana Life Sciences to move the exciting projects in our portfolio through to their next inflection points. These projects include the ongoing phase II clinical trials of the Company's lead asset milciclib for thymic carcinoma, potential application of milciclib in breast cancer and liver cancer, and advancing foralumab, which has potential in a number of indications and markets," said Chairman Gabriele Cerrone in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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