Physiomics PLC (AIM:PYC) shares crashed 46% lower after the company secured a £335,000 lifeline - but at a cost.
To raise the cash, the company, a pioneer in mathematical modelling for cancer drug development and personalised medicine, had to heavily discount the stock.
This discounting suggests the markets are tough for smaller companies looking to secure access to new capital. Indeed, a flurry of small fundraisers over the past month have borne similar hallmarks - companies having to sell equity at rock-bottom prices to secure an influx of much-needed cash.
A retail offer hopes to raise a further £150,000.
The stock, down over 60% in the year-to-date, fell 0.95p to 1.10p in the first 30 minutes of a hectic opening session.