Successful £4.1 Million Fund Raise Following the Close of the Accelerated Bookbuild
10th March 2017 - 4:59 pmImmuPharma PLC (LSE:IMM), the specialist drug discovery and development company, is pleased to announce that further to the announcement made earlier today entitled “Accelerated Bookbuild for the Issue of Equity”, the accelerated Bookbuild, which was oversubscribed, has now closed.
The Company has raised a total of £4.1 million (before expenses) by way of an issue of 7,884,623 new Ordinary Shares (the “New Share Placing”) at the Placing Price of 52p (the “New Placing Shares”).
Key highlights:
£4.1 million (before expenses) raised for the Company via a placing of New Placing Shares, which are EIS and VCT qualifying;
- Major existing and new institutional investors have participated in this New Share Placing; and
- ImmuPharma has raised these additional funds via the Bookbuild in order to:
– further strengthen the Company’s balance sheet as negotiations continue with potential partners for Lupuzor™, its lead programme currently in a pivotal Phase III trial; and
– support further investment in ImmuPharma’s earlier stage portfolio and in particular its P140 peptide platform.
– support further investment in ImmuPharma’s earlier stage portfolio and in particular its P140 peptide platform.
Commenting on the announcement, Tim McCarthy, Chairman, said: “We are delighted with the support we have had on this fund raise from both existing and new investors. We ended 2016 by announcing a key milestone for ImmuPharma with the completion, on track, of the recruitment of the full 200 patients into our Pivotal Phase III trial of Lupuzor™. The primary motivation for this successful fund raise is to further strengthen our balance sheet and enhance our position in ongoing and future negotiations with potential partners for Lupuzor™. Additionally it also allows us to further invest in our earlier stage pipeline and the P140 platform. We look forward to providing our shareholders with further updates regarding our Lupuzor™ Phase III trial, as it progresses throughout 2017.”