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Silence Therapeutics' additional shares snapped up

Published: 12:05 08 Apr 2015 BST

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The confidence Silence Therapeutics (LON:SLN) had in getting a warm response to its fund-raising announced last week appears to have been well-founded.

The company revealed that in addition to the £27.3mln it has raised, subject to shareholder approval, from placing 11.37mln shares at 240p a pop, it will raise an additional £12.7mln from institutions that have agreed to subscribe for new shares, also at 240p a pop.

Subject to the fund-raising completing, the company expects to raise total net proceeds of approximately £38.9 million.

The proceeds from the share issue will be used to support and expand the company's pre-clinical capabilities and capacities, while the stronger balance sheet should enable the company to seek scientific talent from around the world.

Shares in Silence were trading at 260p at noon.

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