AVIVA lead investor in £3.4 million fund raising to support Lupuzor™ Pivotal Phase III Progress
21st October 2014 - 10:06 am
ImmuPharma PLC (LSE:IMM), (“ImmuPharma” or the “Company”), the specialist drug discovery and development company, announces that it has conditionally, raised approximately £3.4 million. This is principally from ImmuPharma’s long standing shareholder Aviva Investors through a placing of 6,340,000 new ordinary shares of 10p each in the Company, at a price of 53 pence per share, approximately 3.9% per cent. premium to Monday’s closing price.
Funds raised will be used to support ImmuPharma’s pivotal Phase III clinical trial for Lupuzor™, the Company’s lead candidate for the treatment of lupus, a potentially life threatening auto-immune disease.
The placement of shares is conditional on the admission of the new ordinary shares to trading on AIM. Application will be made to the London Stock Exchange plc for the admission of the new ordinary shares to trading on AIM. It is expected that admission of the new ordinary shares will become effective and dealings will commence on AIM at 8:00 am on 23 October 2014. The new ordinary shares will, when issued, rank pari passu with the existing ordinary shares of the Company.
Following the share issue referred to above, ImmuPharma will have 88,622,463 ordinary shares of 10p in issue. No ordinary shares are held in treasury. Shareholders may use the above figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under section 5 of the FSA’s Disclosure and Transparency Rules.
Commenting on the announcement, Richard Warr, Chairman said:
“We are delighted with the additional investment in ImmuPharma by Aviva and a small number of key investors. This is a significant boost to our plans to support LupuzorTM through its pivotal Phase III development.”