C4X Discovery Holdings PLC (LON:C4XD) has raised a total of around £15mln, before expenses, to strengthen its balance sheet while it is in partnership discussions and provide working capital for its drug development programmes.
The group said a total of 99,169,286 units and 7,973,572 EIS/VCT shares have been placed, conditionally, by Panmure Gordon at an issue price of 14.0p each. The placing shares represent approximately 89.9% of the issued ordinary share capital of the company prior to the placing.
The net proceeds of the placing of approximately £14.5mln are expected to provide the company with at least twelve months working capital. Polar Capital, a substantial shareholder, subscribed for 19mln units.
In a statement, Clive Dix, C4X Discovery’s chief executive, said: "Whilst 2020 has presented many challenges to the pharmaceutical industry, at C4XD, we have continued to make significant headway across our portfolio.
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