UPDATE: Oncimmune raises GBP2.2 million in equity as planned

Oncimmune Holdings PLC - Leeds, England-based autoantibody profiling research services to pharmaceutical and biotechnology industry to enable delivery of precision medicine - Raises GBP2.2 million from placing of 12.0 million new shares and subscription for 2.3 million more, all at 15 pence. The results of the placing, run as an accelerated bookbuild by brokers Cavendish and Zeus, is in line with plans set out early Friday. Oncimmune also plans a retail share offer of up to 2.0 million shares to raise an additional GBP300,000.

In addition to the share offers, Oncimmune recapitalised two-thirds of its debt, with EUR4.0 million in existing debt converted into equity at the same price of 15p per share. That will leave EUR4.0 million in principal debt outstanding for Oncimmune.

Oncimmune had said the fresh equity will support recent contract wins and prepare for its "next stage of growth".

Current stock price: 15.80p, up 2.9% on Monday in London

12-month change: down 7.3%

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.