Last checked at 20 Nov 2009 08:31
Epistem Holdings Plc
20 November 2009
Epistem Holdings Plc ("Epistem" or the "Company")
£2.9m Cash Placing
Epistem (LSE: EHP), the rapidly growing UK biotechnology company with adult epithelial stem cell expertise in oncology, gastrointestinal and dermatological diseases, is pleased to announce that it has raised £2.9 million before expenses though a placing for cash of 720,000 new ordinary shares of 1.5 pence each.
The new ordinary shares, which represent just under 10 per cent of Epistem's issued share capital prior to the placing, have been placed with investors at the market price of 400 pence per share.
Application will be made today to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM. Admission in respect of 320,000 new ordinary shares is expected to be effective on Thursday 26 November 2009 and in respect of the remaining new ordinary shares on Friday 27 November 2009. When issued, the new shares will rank pari passu in all respects with the Company's existing ordinary shares. Following the placing, Epistem will have 7,933,983 ordinary shares of 1.5 pence each in issue.
Commenting on the placing, Matthew Walls, CEO of Epistem said: "As we did in 2007, we have taken the opportunity to go to the market to raise share capital at the prevailing market price. The money raised will be used to strengthen the balance sheet and will make it easier for the Company to consider an acquisition should a suitable candidate be identified. We are very pleased that we have been able to attract significant new institutional investment alongside our existing major institutional investors, greatly underpinning the strength of the Company."
For further details, please contact:
| Epistem Plc | |
| Matthew Walls CEO | +44 (0) 7887 501 998 |
| John Rylands Finance Director | +44 (0) 161 606 7258 |
| | |
| Piper Jaffray Ltd. (NOMAD) | |
| Neil Mackison | +44 (0) 203 142 8700 |
| Corporate Broking: Jonathan Gosling | |
| | |
| Mike Wort / Anna Dunphy | +44 (0) 207 861 3838 |
| De Facto Communications | |
Notes to Editors:
About Epistem
Epistem is a biotechnology company commercialising its expertise in epithelial stem cells in the areas of oncology, gastrointestinal and dermatological diseases. Epistem develops innovative therapeutics and biomarkers and provides contract research services to drug development companies. The Group's expertise is focused on the regulation of adult stem cells located in epithelial tissue, which includes the gastrointestinal tract, skin, hair follicles, breast and prostate. Epistem does not conduct research in the areas of embryonic stem cells or stem cell transplantation.